CPE News (10/13/2021) – Westcap Mgt. Ltd. has held a second close for its third management buyout fund, Westcap MBO III Investment LP, its largest to date with $265 million in capital commitments, more than the previous two funds combined.
Westcap previously closed Westcap MBO I Investment LP in the amount of $57 million and Westcap MBO II Investment LP in the amount of $103 million.
“Fund III represents the largest amount raised by a Saskatchewan-based private equity fund manager and it is anticipated that the final closing will increase to approximately $285 million.”
MLT Aikins LLP acted as legal counsel to Westcap.
Led by founder Grant J. Kook, Westcap is a leading private equity and venture capital fund manager. Westcap is the manager of Golden Opportunities Fund Inc., Saskatchewan’s first Retail Venture Capital (RVC) fund, First Nation and Métis Fund, and other funds and projects.
photo credit: Westcap
Westcap Announces Fund III, the Largest Private Equity Raise of $265 Million by a Saskatchewan-based Fund Manager
Saskatoon, Saskatchewan – October 13, 2021 – Westcap Mgt. Ltd. (“Westcap”), is pleased to announce the oversubscribed close of Westcap MBO III Investment LP (“Fund III” or the “Limited Partnership”) which represents a significant increase in Westcap’s assets under management. Upon its launch in spring 2021, Fund III targeted a minimum raise of $150 million which represented an increase from previous Funds in the series. The large demand in subscriptions resulted in the General Partner electing to exercise its option to allow for an overallotment while also seeking Limited Partner approval for a further increase in capitalization, resulting in $265 million in current commitments. Fund III represents the largest amount raised by a Saskatchewan-based private equity fund manager and it is anticipated that the final closing will increase to approximately $285 million.
This closing represents a third fund in a series of private equity offerings targeted to institutional and high-net-worth investors, pensions and trusts, and family offices with deep roots in local communities which supports Westcap’s alignment in identifying strategic transactions, local knowledge and strong expertise. The Limited Partnership will continue to focus on providing succession and growth capital to long-standing, Western-based companies involved in transition, consolidation or merger and acquisition activity.
Mr. Grant J. Kook, President and CEO of Westcap, comments, “the interest in Fund III once again exceeded our expectations and is a testament to our unique model of how we approach succession transactions with great companies resulting in a proven track record of performance for our Limited Partners while achieving the unique goals of the owners and businesses we transact with. We are very pleased with the overwhelming and continued support from our past partners and are excited to welcome a broad range of new investors to our Westcap MBO Group of Funds.”
The investment team at Westcap has decades of experience partnering with local leadership teams and is also aligned for success through active investment participation as Limited Partners. This “all-in” investment alignment extends to both the General Partner and each member of the Limited Partnership Advisory Committee.
About Westcap Mgt. Ltd.
Founded over three decades ago, Westcap is a leading private equity and venture capital fund manager having completed transactions in more than 200 growth companies. Westcap has managed in excess of a billion dollars of assets across a broad range of investment funds through its years and has an uncompromising vision to build long-term value for investors.
For further information please contact:
Grant Kook, President and Chairman
Westcap MBO III Investment GP Inc.
830-410, 22ⁿᵈ Street E.
Saskatoon, SK
Tel: (306) 652-5557
Rob Connoly, Officer and Director
Westcap MBO III Investment GP Inc.
830-410, 22ⁿᵈ Street E.
Saskatoon, SK
Tel: (306) 652-5557