Our Family of Companies
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Adaptability. Selectivity. Balance.

Active in primary, secondary, and co-investment markets

Private Equity

Fort Washington Capital Partners Group (FW Capital), the private equity division of Fort Washington, began offering funds-of-funds to clients in 1999. FW Capital currently manages $5.2 billion1 in private equity commitments and currently manages private equity investments for more than 200 limited partners. FW Capital has made more than 450 investments into primary, secondary, and co-investment opportunities since inception. 

Fort Washington's parent company, Western & Southern Financial Group, Inc., is a Fortune 500 company and has been investing in private equity since 1984.
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Primary Funds

FW Capital and its affiliates have been investing in private equity partnerships since 1984 and on behalf of third party clients since 1999. Our private equity funds-of-funds are designed to be a part of an ongoing allocation for investors who desire a diversified portfolio of private equity funds.

We construct a balanced portfolio that reduces risk based on combining uncorrelated strategies in the portfolio. This allows the portfolio to be well diversified across vintage years, strategy (venture capital, buyout, special situations, growth equity, secondaries, co-investments), industry (e.g. healthcare, business services, energy, technology, consumer, financial), investment stage, and geography. Our disciplined approach to fund selection focuses on managers that exhibit strong differentiation, investment judgment, and alignment of interests. FW Capital investment professionals prioritize private equity funds that are timely and relevant to prevailing market conditions.


Secondary Funds

FW Capital has been an active investor in the secondary market since 2003. Our investment focus is special situations, such as fund recapitalizations, tender offers, secondary directs, end of fund-life solutions, manager lift-outs, and other structured and nontraditional situations. We are experienced in solving unique and complicated issues that arise in managing illiquid investments. We work with all parties involved to create solutions tailored to each special circumstance. FW Capital's investment professionals review all aspects of a potential purchase, including, but not limited to, a firm’s targeted investment industry, underlying company performance, partnership construction, and the firm's stability. 

FW Capital Characteristics

Differentiated Strategy

FW Capital seeks to implement a flexible and high-conviction approach to investing that emphasizes small market opportunities. 

Alignment of Interest

FW Capital seeks to build funds for its investors that do not have client allocation conflicts.


Experienced Team

FW Capital is led by eight senior investment professionals supported by 30 investment and fund administration professionals with backgrounds in research, operations, finance, accounting, legal, compliance, fund administration, and marketing. The investment team brings a diverse and complementary set of experiences, networks, and perspectives to investing in private equity, with 100+ years of aggregate industry-related professional experience. 
Meet Private Equity Team

Stable Affiliated Company

Western & Southern is rated one of the strongest life insurance groups in the world; rated “AA-” (Very Strong) for Financial Strength by Standard & Poor’s and A+ (Superior) by A.M. Best.2

Western & Southern and its affiliates are an anchor investor in all fund strategies managed by FW Capital.

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Fort Washington Capital Partners Group Heritage

Fort Washington began as the internal investment management unit of The Western and Southern Life Insurance Company (Western & Southern), a company with roots dating back over 130 years. Established in 1888, Western & Southern has been investing in private equity since 1984.

Western & Southern made the unit a formal subsidiary in 1990. Now formally known as Fort Washington Investment Advisors, Inc., the firm became an SEC-registered investment advisor the same year.4

In 1999, Fort Washington expanded its private equity investment program to include unaffiliated third party clients through its FW Capital division.

FW Capital formed its first fund-of-funds offering in 1999. FW Capital currently manages eight diversified fund-of-funds and four secondary funds. FW Capital also provides private equity advisory services to Western & Southern. As of March 31, 2024, these mandates included $5.2 billion5 in private equity commitments for public and private institutions. As of March 31, 2024, Fort Washington and its subsidiaries managed approximately $81.0 billion6 in affiliated and external assets in private equity, fixed income, and public equity. Of the total assets, approximately $25.5 billion is external.

Connect With FW Capital

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Our philosophical foundation underpins a commitment to an approach that we believe can create repeatable outcomes for our limited partners.
Explore Philosophy


FW Capital seeks to use a rigorous and disciplined investment process to implement its investment strategy.
Explore Approach


Our team of experienced professionals has both diverse and varied backgrounds. 
Explore Investment Team

 1As of March 31, 2024. 
2Ratings are subject to change. Ratings shown herein are accurate as of February 28, 2021. Standard & Poor’s rating, very strong financial security characteristics (fourth highest of 21 ratings). A.M. Best Company rating, superior ability to meet ongoing insurance obligations (second highest of 16 ratings). 
3Western & Southern has been investing in private equity funds since July 1984, and Fort Washington has been investing in private equity since 1990.
4Registration of an investment advisor does not imply any level of skill or training. 
5Commitments as of 03/31/2024.
6Includes assets under management as of 03/31/2024 by Fort Washington Investment Advisors, Inc. of $75.8 billion and $5.2 billion in commitments managed by FW Capital, a division.