Wellspring Capital Management Closes $975M Continuation Vehicle Acquisition

Wellspring Capital Management Group LLC has successfully concluded a $975 million multi-asset continuation vehicle, acquiring interests in three key assets: Supply One, Cadence, and Pentec Health, from its previous Fund VI. This strategic move follows the 2018 closure of Fund VI, which amassed $1.45 billion. Co-led by investment funds affiliated with Lexington Partners and Neuberger Berman, the transaction garnered strong support from institutional investors like Hamilton Lane, AltamarCAM Partners, and select Fund VI limited partners, alongside a significant commitment from the Wellspring general partner. The initiative provided all Fund VI limited partners with the choice to either cash out their interests or seamlessly transition them into the continuation fund, maintaining consistency with the terms of Fund VI.