Kirkland & Ellis and Loyens & Loeff advised on Waterland’s €4.6 billion dual fundraise for Fund X and Partnership Fund II.

Waterland Private Equity Investments has successfully closed its 10th institutional flagship fund, Waterland Private Equity Fund X (WPEF X), at its €4 billion hard cap, alongside Waterland Partnership Fund II (WPF II), which closed at its €600 million hard cap.

Both funds were materially oversubscribed, closing in less than four months following launch, reflecting strong continued support from existing investors as well as significant interest from new investors. WPEF X represents the tenth generation of Waterland’s flagship strategy, focusing on investments in companies across Europe operating in fragmented and growing markets, with an emphasis on both organic and acquisitive growth.

Kirkland & Ellis advised Waterland Private Equity Investments on the formation and closing of Waterland Private Equity Fund X and Waterland Partnership Fund II.

The team included investment funds lawyers Christopher Braunack, Andy Shore, Luke Scott, Robert Burke, Petrina Nomikou, Ellie Fielding and Marcus Millen; tax lawyers Ceinwen Rees, Loviisa Langdon and Gal Shemer; financial services regulatory lawyer Tom Woodhead; investment funds regulatory lawyers Josh Westerholm and Peter Gauss; and investment funds ERISA lawyers Sabrina Glaser and Joe Lifsics.

Loyens & Loeff acted as Dutch counsel to Waterland Private Equity Investments, advising on all tax, legal and regulatory aspects in connection with the formation of both funds.