NEW YORK Warburg Pincus LLC has reached its first fund-raising close for its 11th private equity fund, raising more than $5 billion in just over seven months, people familiar with the matter said on Thursday, a major step toward it reaching its $12 billion target.
About 50 investors, both existing and new, participated in the closing, which took place in early May, the people said. The firm has identified opportunities to put some of this capital to work immediately, they added.
Warburg Pincus declined to comment.
(Reporting by Greg Roumeliotis and Paritosh Bansal in New York; Editing by Maureen Bavdek)