Two private equity firms announced fund closings on Wednesday exceeding $1 billion.
Wellspring Capital Management announced the closing of generalist buyout fund Wellspring Capital Partners VI at its $1.42 billion hard cap, exceeding its $1.2 billion hard cap, a spokesman said in an email. Predecessor fund Wellspring Capital Partners V closed at $1.2 billion in 2010.
The fund will "acquire or invest in middle-market companies that are well-positioned to capitalize on change and can benefit from Wellspring's operating and financial expertise," said a news release from the private equity manager.
"Wellspring has the flexibility to complete transactions ranging from $100 million to as much as $1.5 billion in total value in a wide range of industries."
Also, Peak Rock Capital announced the closing of special situations funds Peak Rock Capital Fund II and Peak Rock Capital Credit Fund II at $1.3 billion combined, exceeding their combined fundraising target of $900 million and hitting their hard cap.
Peak Rock Capital Fund II will focus on middle-market companies "where Peak Rock can support management in driving rapid growth and profit improvement through operational and strategic changes," said a Peak Rock news release.
Peak Rock Capital Credit Fund II will target "non-control debt investments in middle-market companies including both primary and secondary credits," the release said.
The funds have already made multiple portfolio investments, including a control equity investment in Hasa Inc., a water treatment producer and distributor, a Peak Rock spokesman said in an email. He declined to disclose non-control debt investments.
The predecessor funds closed at their $700 million hard cap in 2013.
Investors in Wellspring Capital Partners VI include the $116.5 billion Washington State Investment Board, Olympia; $89.5 billion Minnesota State Board of Investment, St. Paul; $34.2 billion Connecticut Retirement Plans & Trust Funds, Hartford; and $18 billion Kansas Public Employees Retirement SKansas Public Employees Retirement System Kansas Public Employees Retirement System, Topeka.
Investors in the Peak Rock Capital funds include the $195.6 billion Florida State Board of Administration, Tallahassee, and the $7.6 billion Alameda County Employees' Retirement Association, Oakland, Calif. The $221.7 billion California State Teachers' Retirement System, West Sacramento, invested in Peak Rock Capital CredCalifornia State Teachers' Retirement Systemion California State Teachers' Retirement System, West Sacramento, invested in Peak Rock Capital Credit Fund II.