Wellington Management closes fourth late-stage private fund, exceeding $2.5 billion target

Hadley Harbor IV brings total capital raised to invest in late-stage private companies to over $6.6 billion since 2014


Press release

BOSTON, June 20, 2023 — Wellington Management (“Wellington” or the “Firm”), one of the world’s largest independent investment management firms, today announced the close of its private late-stage growth strategy Wellington Hadley Harbor IV (the “Fund” or “Hadley Harbor”) with US $2.6 billion in commitments and over US$200 million in co-invest capacity to invest alongside the Fund.

The Fund seeks to invest in late-stage private companies seeking capital to sustain or accelerate growth prior to a potential IPO or sale. Since launching its first late-stage growth fund in 2014, the team has successfully closed four funds, identifying opportunities to generate value for investors across industries including technology, consumer, healthcare, and fintech.

Michael Carmen, CFA, co-head of Private Investments, at Wellington Management said, “The Hadley Harbor team, along with the broader Wellington platform, brings decades of experience investing across both private and public equity markets. With companies staying private for longer, we are supplying capital to transformative, disruptive businesses to enable them to scale on their journey from the private to the public market. These companies are market leaders looking for experienced partners like Wellington to help them navigate the current economic volatility while accelerating their business growth.”

Matt Witheiler, Consumer/Technology Sector Lead, at Wellington Management said, “We are thrilled to have exceeded our $2.5 billion fundraising target with commitments and support from valued limited partners. Our ability to successfully raise over $6 billion since the fund’s inception demonstrates the power of our platform, and our clients’ confidence in our ability to execute.”

The close of Wellington Hadley Harbor IV brings the total amount of capital raised to invest in late-stage private companies across all four vintages to more than US$6.6 billion since 2014. Hadley Harbor IV has made five investments thus far. The Fund’s global investor base includes public and private pension plans, insurance companies, corporations, a sovereign wealth fund and family offices.

The Fund’s investment team consists of seasoned investment professionals with diversified sector expertise and extensive private market networks. They are supported by Wellington’s portfolio support resources including a dedicated ESG team who help evaluate private companies’ ESG readiness for public markets. In addition, the team offers strategic guidance by harnessing insights and access to relationships from its public market global industry analysts.

About Wellington Management
Wellington Management is one of the world’s largest independent investment management firms, serving as a trusted adviser to over 2,400 clients in more than 63 countries. The firm manages more than US$1.1 trillion for pensions, endowments and foundations, insurers, family offices, fund sponsors, global wealth managers, and other clients. Wellington aspires to provide excellent service to clients through a unique combination of independence enabled by its distinctive private partnership model, diverse perspectives through its unified, multi-asset investment platform, and relentless curiosity and intellectual rigor fostered by its enduring collaborative culture.

About Wellington Management Private Investing
The Wellington Private Investing platform has a dedicated team that invests across multiple sectors and stages of the private markets and leverages the firm’s more than 1,000 investment professionals located in offices around the world. From early-stage venture to late-stage growth, the team actively invests across the business lifecycle in the next generation of industry defining entrepreneurs and changemakers. The team has raised nearly US$8 billion in global assets to invest across geographies (Asia, Europe, and the Americas) and sectors (consumer, technology, health care, financial services, biotechnology, and climate technology). Wellington’s dedicated Private Investing team takes a long-term view and leverages both its deep private market expertise along with Wellington’s broader public market expertise, extensive network, and robust research across its global footprint to benefit both investors and entrepreneurs.  For more information about Wellington Private Investing, please visit www.wellington.com/privateinvesting.

Press inquiries

Wellington Management – Robyn Tice, rtice@wellington.com

Prosek Partners – pro-wellington@prosek.com