All Wells and good

From its long-time base in Minneapolis, Norwest Equity Partners has quietly built a record of success in private equity. Overseeing the administrative side of the business has been John Whaley, who has been with Norwest for more than 25 years. The firm's sole limited partner is Wells Fargo & Co. In 1999 and again in 2004, Wells Fargo committed $800 million to Norwest Equity Partners VII and VIII, respectively. The firm also manages two mezzanine funds, the most recent having raised $400 million from Wells Fargo. NEP also maintains an office in Los Angeles. Private Equity Manager spoke recently with Whaley about how Norwest is the same as any other private equity firm, and how it differs on account of its publicly traded, regulated LP.