Whitehorse Liquidity Partners Flagship Fund V Closes Above US$5.0 Billion Target
August 01 2023
- Whitehorse Liquidity Partners raises US$5.3 billion; largest fund since inception
- Flagship Fund V brings total commitments raised by firm to US$13.5 billion
- Over US$18 billion transacted across 200+ transactions since inception
- Firm grows to over 155 professionals with offices in Toronto and London
TORONTO, August 1, 2023 – Whitehorse Liquidity Partners (together with its advisory affiliates, “Whitehorse”), a specialized investment manager focused on providing customized portfolio financing through structured liquidity solutions for private equity portfolios, today announced the successful final close of Whitehorse Liquidity Partners V LP (“Flagship Fund V” or the “Fund”) exceeding its US$5.0 billion target. Together with affiliated vehicles, Flagship Fund V closed on approximately US$5.3 billion in total commitments. Flagship Fund V represents Whitehorse’s largest fund to-date.
“Closing our largest fund since inception, through a period of uncertainty and market volatility, is a remarkable achievement” says Yann Robard, Managing Partner of Whitehorse. “This successful fundraise is a recognition by our investors of the vast opportunity set we believe lies ahead of us and further underpins our global position as a leading liquidity solutions provider for private equity portfolios.”
With the closing of Flagship Fund V, Whitehorse has now raised US$13.5 billion in commitments, sourced over US$550 billion of potential opportunities, deployed over US$18 billion across over 200 transactions and grown to over 155 professionals since inception only eight years ago.
Yann Robard added, “As many private equity investors remain overallocated to the asset class and GPs seek thoughtful financing providers for their balance sheets, we believe the demand for our customized portfolio financing solutions will remain high. Our innovative approach and the flexibility of our solutions continues to garner significant interest in the market.”
With regards to the fundraise, Michael Gubbels, a Partner at Whitehorse, said, “Flagship Fund V welcomed commitments across a number of institutional investors including leading public and corporate pension plans, insurance companies, consultants, family offices and financial institutions. This fundraise would not have been possible without the unwavering support of our existing investors. Altogether, we are proud to have 85% of investors reup. We remain very grateful for their continued support. We are also grateful for and pleased to welcome a set of new investors which have placed their confidence in our people, platform and product.”
With regards to the market opportunity, Giorgio Riva, a Partner at Whitehorse, said, “Our fund sizes continue to grow as our opportunity set expands. Since inception, Whitehorse has sourced over US$550 billion of potential opportunities. We believe that as private capital grows, the demand for bespoke portfolio financing solutions by limited partners and general partners will continue to fuel this opportunity set.”
With regards to its recent London expansion, Rob Gavin, a Partner at Whitehorse, said, “As we finished raising Flagship Fund V, we thought it was the opportune time to go global and open up our London office. The focus of our London office will be to remain close to our investors, our counterparties and the general partners in our portfolio.”
With regards to firm growth, Derek Miners, a Partner and Chief Operating Officer at Whitehorse, said, “We have shown our commitment to scaling the business thoughtfully and strategically alongside the increasing market opportunity. This is highlighted by the growth of our team to over 155 professionals and the advancement of our data and technology capabilities. As we scale, we intend to do so with a focus on promoting a culture of partnership, integrity, and performance.”
Kirkland & Ellis LLP and Goodmans LLP served as legal counsel for Whitehorse and Flagship Fund V.
About Whitehorse Liquidity Partners
Whitehorse Liquidity Partners, formed in 2015, is a private equity firm focused on providing structured liquidity solutions to the alternative asset class. Whitehorse has identified what it believes to be a significant and untapped market opportunity in the utilization of structured products to generate liquidity on private equity portfolios. Since inception, Whitehorse has raised US$13.5 billion in commitments and has deployed over US$18 billion across over 200 transactions. For more information, please visit www.whitehorseliquidity.com.