Ireland remains a key market for Waterland, with strong deal flow expected across priority sectors and additional backing from the Ireland Strategic Investment Fund (ISIF).
Waterland has raised €4.6bn in less than four months as it closed its 10th flagship private equity fund, bringing the firm’s assets under management to more than €20bn.
The private equity business confirmed this week that Waterland Private Equity Fund X closed at its hard cap of €4bnn alongside Waterland Partnership Fund II, which reached €600m.
“Ireland continues to offer compelling opportunities in fragmented, growing markets, and we look forward to partnering with ambitious management teams to help accelerate growth and support international expansion”
Both funds were oversubscribed, signally strong investor appetite for its established buy-and-build strategy across Europe.
The fundraising attracted commitments from a broad international investor base, spanning pension funds, asset managers, insurance companies, sovereign wealth funds, endowments, foundations and family offices.
Investors were drawn from across Europe, North and South America, Asia and the Middle East.
Buy-and-build strategy at work
Ireland featured prominently in the fundraise, with backing from the Ireland Strategic Investment Fund (ISIF), reflecting its mandate to support the growth and expansion of Irish businesses and underlining the importance of the Irish market within Waterland’s broader European strategy.
Since opening its Ireland office in 2020, Waterland Ireland has seen a growing number of companies seeking capital and strategic expertise to support their next phase of growth, completing 40 acquisitions in that time.
The firm recently announced the sale of Wtech Fire Group, marking its first Irish exit since partnering with the business in 2021 to deliver an ambitious growth programme. During this period, Wtech scaled significantly, completing 13 strategic acquisitions and establishing a leading international fire safety platform, underpinned by strong organic growth and a clear buy-and-build strategy.
“This successful fundraise is strong endorsement of Waterland’s buy-and-build strategy and long-term approach to value creation,” said Laura Dillon, partner, Waterland Ireland.
“Ireland continues to offer compelling opportunities in fragmented, growing markets, and we look forward to partnering with ambitious management teams to help accelerate growth and support international expansion.
“Waterland works closely in partnership with business owners, entrepreneurs and family-run companies with strong potential, helping them scale faster than they could independently, while remaining headquartered in Ireland with the ambition to become European leaders,” Dillon said.
Vote of confidence
WPEF X is the 10th generation of the flagship fund strategy investing in companies across Europe that operate in fragmented, growing markets, whilst supporting both organic and acquisitive growth. This is a continuation of the successful buy-and-build investment strategy applied to the firm’s previous flagship funds over the past 25+ years.
“The successful closing of WPEF X and WPF II is a testament to the deep trust our partners place in our team and in our ability to deliver our European buy-and-build strategy,” said Cedric Van Cauwenberghe, Group Managing Partner.
“We want to extend our sincere thanks to all investors for this significant and continued vote of confidence. As we deploy this new capital, we remain focused on partnering with ambitious entrepreneurs to accelerate growth across fragmented European markets.”
Evercore served as advisor on the fundraise. Kirkland & Ellis International LLP acted as the global fund counsel. Loyens & Loeff acted as Dutch fund counsel.
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