Following nearly a year of speculation, global private equity firm Warburg Pincus has filed paperwork with the SEC indicating its intent to raise as much as $13.75 billion for a new investment fund. Through equity and debt investments, Warburg Pincus’s portfolio includes leading technology companies like Uber, Mobike, OfferUp, and others. The firm also participated in Ant Financial’s Series C round, which at $14 billion, represents the largest VC deal in history.
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So far, “Warburg Pincus Global Growth, L.P.” has not yet closed capital for the new investment vehicle. This would be among the largest fund Warburg Pincus has raised to date.
According to the paperwork, the $13.75 billion figure “include[s] amounts of limited partner interests to be sold by the Issuer’s parallel funds.” To that end, Warburg Pincus filed paperwork for a number of those parallel funds this Friday afternoon.
A selection of those filings include:
- Warburg Pincus Global Growth Partners, L.P.
- Warburg Pincus Global Growth-E, L.P.
- Warburg Pincus Global Growth-B, L.P.
Presumably, the private equity firm will file its paperwork for other parallel funds over the coming days and weeks.
Warburg Pincus retained the services of J.P. Morgan Securities, as well as other advisory firms in China, South Korea, and Chile, to assist in raising capital for the new fund.
Rumors that Warburg Pincus planned to raise a huge pool of capital began swirling back in January 2018. Private Equity International, a trade publication for the PE industry, first published reports from sources indicating that the firm planned to raise $13.5 billion, a figure which didn’t include commitments from the firm’s general partners.
The report indicated that Warburg Pincus would change the name of the new fund, in part for superstitious reasons. The firm’s last fundraise, for Fund XII, netted $13.4 billion in 2015. A source told Private Equity International that the name change would intentionally not involve using the number 13, which is associated with bad luck in some cultures.
According to the source back in January, the firm intended to launch fundraising in May and expected to close out the fund “at the end of the year.”
Crunchbase News reached out to Warburg Pincus seeking comment. A representative from the firm declined to offer further information.
Illustration: Li-Anne Dias
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