Wellspring wraps up sixth fund at $1.4 bln

New York City-based Wellspring Capital Management LLC has closed its sixth fund at a hard cap of $1.4 billion. Limited partners include pension funds, endowments, fund of funds and family offices from the U.S., Europe and Asia. Wellspring Capital Partners VI LP will focus on middle-market companies. In November 2010, Wellspring closed its fifth fund at $1.2 billion, generating a net IRR of 18.7 percent and a multiple of 1.5x, according to data provided by California Public Employees Retirement System, as of March 31, 2017. Probitas Partners was the placement agent while Paul, Weiss, Rifkind, Wharton & Garrison LLP provided legal counsel on the fund formation. With this fund-closing, Wellspring is now managing more than $4.4 billion in assets, according to the firm. Red dollar symbol in magnifying glass with a lot of white money symbols isolated on white background. Photo courtesy of Kuklev/iStock/Getty Images

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