Warburg Pincus Global Growth

Overview

Warburg Pincus Global Growth, L.P. ("WPGG") is Warburg Pincus's flagship global private equity vehicle, sitting in the firm's numbered flagship-fund lineage as the successor to Warburg Pincus Private Equity XII, L.P. ($13.4bn, 2015 vintage) -- the firm reportedly avoided using "XIII" in the public name due to client superstition around the number, even though PitchBook's own database separately tracks the identical vehicle under the label "Warburg Pincus Global Growth XIII" ($15.1bn, 2018 vintage, 74 tracked investments including Home First Finance -- the same company also listed under PitchBook's plainly-named "Warburg Pincus Global Growth" record), confirming these are two database records for one fund rather than a naming contradiction. The GP's own funds page lists the vehicle at a $15 billion size with a 2018 vintage (re-confirmed by direct fetch of warburgpincus.com/firm/funds/ during this verification pass); trade-press reporting on the raise (Bloomberg Law, Nov. 2018; Unquote) indicates the fund launched marketing in mid-2018 with an initial target of roughly $13.5-13.75 billion and a disclosed hard-cap of $15 billion, held a first close of approximately $14 billion by late November 2018, and reached its final close of approximately $14.8 billion around November 2019 (corroborated by an Alaska Retirement Management Board LP commitment record dated November 19, 2019) -- making the $15bn figure the fund's disclosed cap/rounded headline size rather than a precisely documented final tally (sources differ between $14.8bn and $15bn). Multiple SEC Form D filings were made under related parallel-fund entities (e.g., Warburg Pincus Global Growth-E, L.P.; Warburg Pincus Global Growth-B, L.P.; Warburg Pincus Global Growth Partners, L.P.), consistent with a master-feeder/parallel-fund structure typical of large buyout vehicles; J.P. Morgan Securities and regional placement agents in China, South Korea and Chile assisted with fundraising per Crunchbase's review of the SEC filing. The fund carries the Bloomberg LEI 549300BBN4N9NSG3DR69, registered in Delaware via The Corporation Trust Company with a Warburg Pincus LLC (450 Lexington Avenue, New York) headquarters address, and appears as an active counterparty in a 2019 FTC Hart-Scott-Rodino early-termination notice (matter 20191480, alongside Olympus Growth Fund V, L.P.), confirming it was actively transacting that year. Disclosed strategy is global, growth-oriented private equity across energy, financial services, healthcare, consumer, industrials, technology, business services and media/telecom, targeting $50-500 million equity checks to build a diversified 60-90 company portfolio over a 12-year fund term (6-year investment period), with disclosed marketing-stage target returns of 15-18% net IRR and 2.0x TVPI; actual disclosed performance snapshots from press coverage of the firm's subsequent fundraise show the fund running ahead of that target at points (24.5% net IRR as of ~June 2021, 19.12% net IRR as of June 2022). Confirmed LP: Alaska Retirement Management Board (one of ~93 LPs per PitchBook), consistent with the November 2019 close timing; no other LPs individually confirmed. Beyond the GP-confirmed Home First Finance India investment (~$95mm, Oct 2020, stake raised to 30.62% pre-IPO), portfolio-company attribution (via PitchBook and deal press) includes Infoblox (joint Dec 2020 investment with Vista Equity Partners, Infoblox valued $3bn+), McMakler (German proptech, ~$50mm initial Dec 2020 investment plus follow-on rounds), and Princeton Digital Group (Asia data-center platform, backed since 2017 with caveat that the founding round may predate this fund). One likely misattribution was identified and should be corrected: Chari (Moroccan B2B e-commerce/fintech) appears in PitchBook's holdings list for this fund, but primary deal coverage shows its ~$12mm Series A led by SPE Capital/Orange Ventures with an unrelated smaller investor called "Pincus Capital" (not Warburg Pincus) as a participant -- likely a name-confusion data error, compounded by the round size being far below this fund's $50-500mm disclosed check range; Chari should not be treated as a confirmed Global Growth holding. The fund was succeeded in the flagship lineage by Warburg Pincus Global Growth 14, L.P. ($17.3bn, closed October 2023). Note: the research brief's assumed vintage of 2016 and fund size of ~$15bn does not precisely match any single Warburg Pincus vehicle found in public records -- the closest and only fund carrying the exact name "Warburg Pincus Global Growth" is this 2018-vintage, ~$15bn vehicle; no separate 2016-vintage "Warburg Pincus Global Growth" fund was found (the 2016-vintage fund in the firm's own lineage is the country-specific "Warburg Pincus China, L.P.," $2.2bn).

Key Facts

Fund type

Private Equity

Vintage year

2016

Strategy

Global Growth

Managed by

Warburg Pincus

Fund size

USD 15.0B

Related on NestLens

• Warburg Pincus · Capital Manager (GP)