Warburg Pincus closes global flagship fund on $17.3b
Warburg Pincus has closed its latest global flagship fund with USD 17.3bn in commitments, making it the firm’s largest fundraise in its 57-year history.
Global Growth 14 launched in 2021 with a target of USD 16bn and experienced investor demand beyond expectations, according to a statement.
Warburg Pincus said the LP base features a mix of leading public and private pension funds, sovereign investors, insurance companies, endowments, foundations, fund-of-funds, family offices, and high-net-worth individuals.
Disclosed backers include Minnesota State Board of Investment, New Hampshire Retirement System, and Shandong Intco Medical Products. They contributed USD 300m, USD 50m, and USD 100m, respectively.
The fund’s immediate predecessor closed on USD 15bn in 2018. Warburg Pincus invests in Asia out of a variety of funds, including its flagship vehicles, as well as different geography and sector-focused companion funds. The latest China and Southeast Asia offering closed on USD 4.25bn in 2019. Two years later, Warburg Pincus raised USD 2.8bn for its debut Asia real estate fund.
Significant investments from the new fund to date include Singapore-headquartered Oona Insurance and bathroom fittings brand Watertec India. Oona is being developed as a digital platform based on the acquisitions of Indonesian insurer ABDA and Philippines non-life coverage player MIIC. Watertec, which has 20,000 retail touchpoints India-wide, was acquired at a reported valuation of USD 200m.
“We are well positioned to take advantage of the current market environment and will continue to build a globally diverse, sustainable portfolio for our investors,” said Jeff Perlman, president of Warburg Pincus. “One of our distinguishing characteristics is our team’s ability to work collaboratively across distinct industry groups with deep domain expertise to identify new and emerging trends around the world.”
Perlman was elevated from head of Southeast Asia and Asia Pacific real estate earlier this year to become Warburg Pincus’ global president in a move described as succession planning. Former president Timothy Geithner has assumed the role of chairman. Perlman will relocate from Singapore to the US this year.
Warburg Pincus has more than USD 83bn in assets under management and an active portfolio of more than 250 companies across stages, sectors, and geographies. Its Asia presence includes offices in Beijing, Hong Kong, Mumbai, Shanghai, and Singapore.
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