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Matheson advise Waterland on the €4 billion closing of private equity funds

Matheson LLP is pleased to have advised private equity firm Waterland on its ninth institutional fund, Waterland Private Equity Fund IX (“WPEF IX”), alongside Waterland Partnership Fund I (“WPF I”), which closed at their respective hard caps of €3.5 billion and €500 million, four months after initial launch. WPEF IX expects to make control investments in medium-sized companies in fragmented growth markets in Europe to finance organic and acquisitive growth, while WPF I expects to make minority investments in a very select number of Waterland portfolio companies when these are exited. For more information on this please see here.

A Matheson team led by Asset Management partners Barry O'Connor, Anthony Gaskin and Orlaith Finan, and Tax partner Gerry Thornton advised Waterland on the establishment of a number of Irish investment limited partnerships for each fund, under Ireland's recently-enhanced partnership regime. Matheson acted as Irish legal, tax and regulatory counsel and worked alongside Kirkland & Ellis International LLP who acted as the global legal, tax and regulatory counsel, and De Brauw Blackstone Westbroek N.V. who acted as Dutch legal and regulatory counsel.

Barry O'Connor commented: "We are delighted to have advised Waterland on the successful closing of these funds and to see another of Europe's leading private equity managers choose Ireland as its fund domicile. Since early 2021 when Ireland's investment limited partnership vehicle was enhanced, the vehicle has seen significant growth – 2022 saw more than double the number of ILPs of 2021 and the pipeline for 2023 is very strong. This is no surprise, as the vehicle brings a ‘best-in breed’ partnership into Ireland's existing attractive fund regime. Matheson has been at the forefront, acting as lead counsel on one third of the new ILPs and we look forward to working with other private equity, private credit and real asset managers setting up European partnership vehicles."

For more information about our legal services, please contact a member of the Asset Management and Investment Funds Department, Tax Department or your usual Matheson contact.