On October 13, 2021, Saskatoon-based Westcap Mgt. Ltd. announced the oversubscribed close of Westcap MBO III Investment LP (Fund III).
Fund III, launched in the spring, had a targeted minimum raise of $150 million – representing an increase from previous series Funds. Demand for Fund III led to “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.”
This new Fund represents the largest-ever amount raised by a Saskatchewan-based private equity fund, and Westcap foresees that the final close will hit $285 million. Fund III is the third fund in a series of private equity offerings aimed at high net-worth individuals, institutional investors, pensions and trusts.
“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,” said Grant J. Kook, president and CEO of Westcap.
Westcap, founded in Saskatoon, is a private equity and venture capital fund manager and has managed in excess of a billion dollars of assets across a broad range of investment funds.