Final Closing of Wellington Hadley Harbor III Fund
Wellington Management, one of the world’s largest independent investment management firms, today announced the final close of its private equity strategy Wellington Hadley Harbor III with US$1.8 billion in commitments and up to US$400 million from co-investors to invest alongside the Fund. The Fund seeks capital appreciation by investing in private late-stage companies that need capital to sustain or accelerate growth prior to a potential IPO or sale.
Wellington Management Announces Close of Wellington Hadley Harbor III at US$1.8 billion
BOSTON & LONDON & HONG KONG – Wellington Management (“Wellington” or the “Firm”), one of the world’s largest independent investment management firms, today announced the final close of its private equity strategy Wellington Hadley Harbor III (the “Fund”) with US$1.8 billion in commitments and up to US$400 million from co-investors to invest alongside the Fund.
The Fund seeks capital appreciation by investing in private late-stage companies that need capital to sustain or accelerate growth prior to a potential IPO or sale.
Michael Carmen, CFA, senior managing director, private equity lead portfolio manager, and co-head of Private Investments at Wellington, said, “Wellington Hadley Harbor III is designed to take advantage of the greater value creation and capture opportunities available in today’s private space as companies stay private for longer and raise more capital prior to a liquidity event like an IPO. We believe our ability to invest across sectors leveraging our proprietary deal-sourcing processes and public markets expertise, coupled with the shortened fund life cycle relative to early-stage VC and growth equity, made the Fund an attractive vehicle for investors and makes Wellington attractive to entrepreneurs.”
The Fund’s global investor base includes public and private pension plans, insurance companies, corporations, and family offices.
The close of Wellington Hadley Harbor III follows on from the successful closes of previous vintages within the Firm’s private equity offering. Hadley Harbor (vintage year 2014) raised US$1 billion and our second fund, Hadley Harbor II (vintage year 2017), raised US$1.4 billion. Together with our co-investors, the Hadley Harbor funds have raised close to US$5 billion in total capital to invest in late-stage private companies.
The Fund’s investment team consists of nine seasoned investment professionals with diversified sector expertise. The team is supported by Wellington’s public market research analysts, who provide business insights and access to senior relationships at companies around the world. Also, the team recently appointed a new director of Privates ESG, who evaluates the ESG status of private companies and their readiness for the public markets.
About Wellington Management
Tracing its history to 1928, Wellington Management is one of the world’s largest independent investment management firms, serving as a trusted adviser to over 2,200 institutional and private clients in more than 60 countries and managing US$1.2 trillion of client assets as of 30 September 2020. As a private partnership whose only business is investment management, the firm is able to align its long-term views and interests with those of its clients. The firm offers comprehensive investment management capabilities that span nearly all segments of the global capital markets, including equity, fixed income, multi-asset, and alternative strategies. With more than 800 investment professionals located in offices around the world, Wellington pairs deep multidisciplinary research resources with independent investment teams operating in an entrepreneurial “boutique” environment. For more information, visit wellington.com.