Whitehorse seeks $6bn for latest flagship on back of its largest capital raise

Whitehorse Liquidity Partners VI would be 13% larger than its predecessor, which closed on $5.3bn in July.

Whitehorse Liquidity Partners, which closed its latest flagship fund in July, is seeking to raise 20 percent more than the target of of that vehicle with its successor fund, Secondaries Investor has learned.

The Toronto-headquartered preferred equity specialist is seeking $6 billion for Whitehorse Liquidity Partners VI, according to two sources familiar with the matter.

Affiliate title Buyouts reported in June that Whitehorse was planning to launch Fund VI by the end of this year, citing a letter to LPs. The firm registered the fund in Delaware on 23 June, regulatory filings show.

At $6 billion, the fund would be about 13 percent larger than its predecessor, which amassed $5.3 billion in a final close in July, beating its $5 billion target. Fund V is the firm’s largest fund to date, according to Secondaries Investor data.

Whitehorse, which was founded by former CPP Investments secondaries head Yann Robard, focuses on several liquidity strategies, including acquiring portfolios and splitting them into preferred and common equity tranches, syndicating the common equity; preferred equity for LPs; fund-level liquidity for GPs to support portfolio companies; and liquidity for GP management companies.

Whitehorse has been expanding its global reach, with partner Rob Gavin set to lead the firm’s first base outside Canada in London, Secondaries Investor reported in February.

Spokespeople for Whitehorse declined to comment on fundraising.

Madeleine Farman contributed to this report.