Private equity firm Waterland has closed its 10th institutional flagship fund Waterland Private Equity Fund X at €4 billion, alongside the Waterland Partnership Fund II at €600m.
Waterland said that both funds were oversubscribed and closed at their respective hard caps in less than four months after launch.
In Ireland, the fund was supported by investment from the Ireland Strategic Investment Fund (ISIF), which is focused on supporting the growth and expansion of Irish businesses.
The latest fundraise means that Waterland has more than €20 billion under management.
Waterland said its investors represent a diversified group by investor type and geography, including pension funds, asset managers, insurance companies, sovereign wealth funds, endowments, foundations and family offices and they span Europe, North and South America, Asia and the Middle East.
Since opening its Ireland office in 2020, Waterland Ireland has seen a growing number of companies seeking capital and strategic expertise to support their next phase of growth and it completing 40 acquisitions in that time.
It recently announced the sale of Wtech Fire Group, marking its first Irish exit since partnering with the business in 2021 to deliver an ambitious growth programme.
Since 2021, Wtech completed 13 strategic acquisitions and established an international fire safety platform.
Waterland has also invested in Co Louth wholesaler Bellew Electrical and care home group Silver Stream.
Laura Dillon, Partner, Waterland Ireland, said the successful fundraise is strong endorsement of Waterland’s buy-and-build strategy and long-term approach to value creation.
“Ireland continues to offer compelling opportunities in fragmented, growing markets, and we look forward to partnering with ambitious management teams to help accelerate growth and support international expansion,” Ms Dillon said.
“Waterland works closely in partnership with business owners, entrepreneurs and family-run companies with strong potential, helping them scale faster than they could independently, while remaining headquartered in Ireland with the ambition to become European leaders,” she added.