NEW YORK, April 22 /PRNewswire/ -- Warburg Pincus, the global private
equity firm, today announced the closing of Warburg Pincus Private Equity
X, L.P. (WP X), a $15 billion fund. Building on Warburg Pincus' proven
track record, the global fund will be invested in core industry sectors,
consistent with the firm's growth-oriented strategy to focus on
early-stage, growth and late-stage businesses across North America, Europe
Commenting on the fund closing, Joseph P. Landy, Co-President of
Warburg Pincus said: "We are gratified that limited partners continue to be
attracted to our unique model -- to invest across domains, geography and
across company stage of life out of a single, global fund. We have a
time-tested approach -- growth investing in growth-oriented regions. This
is a particularly attractive investment strategy in the current
Warburg Pincus focuses on helping to create or build companies. This
ranges from conceiving and creating venture capital opportunities,
providing capital to meet the needs of existing businesses, and investing
in later-stage buy-outs and special situations where growth is a key aspect
of the investment thesis. Over the past 30 years, the firm also has
enhanced its global position by establishing a strong local presence around
the world and developing deep domain expertise in a number of sectors,
including consumer and retail, energy, financial services, healthcare and
life sciences, industrial and technology, media and telecommunications,
with numerous sub-sectors of specialization.
The firm made its first international investment in 1983. Warburg
Pincus, which opened its London office in 1987 and its Hong Kong office in
1994, also has been an active investor in emerging markets including China,
India and Central and Eastern Europe. Currently, more than 40 percent of
Warburg Pincus' investments and professionals are outside the U.S.
"We've always viewed our mission as being investors, as opposed to
asset managers," said Co-President Charles R. Kaye. "Our ability to
generate superior rates of return has always been a function of our
willingness to search for a market discontinuity, whether it be technology
driven, or propelled by an economic dislocation or an entirely new business
opportunity. Our fundamental goal is to build businesses that deliver
sustainable value over the long term."
Existing investors substantially increased their commitments to WP X.
The fund's investors include leading public and private pension funds,
endowments and global financial institutions including the Washington State
Investment Board and GE Asset Management. The fund also attracted numerous
first-time investors, including the Universities Superannuation Scheme and
the Teacher Retirement System of Texas.
Joseph A. Dear, Executive Director, Washington State Investment Board
said: "We are pleased to be participating in WP X, as it extends our long
and successful relationship with the firm. A handful of firms have
consistently delivered superior returns to our retirement assets -- and
Warburg Pincus is one of them. As a result, we committed to invest in WP X
because we're comfortable with the firm's proven and unique ability to
deploy the right people with the right experience to each portfolio company
investment. The firm is well-positioned to perform, particularly in light
of today's turbulent market conditions."
About Warburg Pincus
Warburg Pincus has been a leading private equity investor since 1971.
The firm currently has more than $35 billion of assets under management.
Warburg Pincus' investments are focused on a range of sectors in North
America, Europe and Asia, including financial services, healthcare,
industrial, technology, media and telecommunications, energy, consumer and
retail and real estate. Since inception, the firm has raised 12 private
equity funds that have invested more than $29 billion in approximately 600
companies in more than 30 countries. Warburg Pincus currently has an active
portfolio of more than 100 companies. The firm has 59 managing directors
and more than 160 professionals in Beijing, Frankfurt, Hong Kong, London,
Mumbai, New York, San Francisco, Shanghai and Tokyo. For more information
please visit www.warburgpincus.com.
SOURCE Warburg Pincus