GTCR fund closes with $7.5bn with pension fund buy-in

Chicago-based private equity giant GTCR has raised its latest fund in five months, with large commitments -- notably from U.S. pension funds -- leading to a $7.5 billion closing for GTCR Fund XIII. The fund was originally expected to raise $6.75 billion, but demand for the strategy picked up over the summer. GTCR XIII A&B LP received a $100 million commitment from Texas Teachers’ at the end of October as well, shortly after receiving $150 million from a fellow Austin-based pension fund, Texas County & District Retirement System. Other known allocations include a $30 million commitment from the Ohio Police & Fire Retirement System, Ohio State Teachers ($75 million) and Maine Public Employees Retirement System ($50 million). Officials said that a large majority of the commitments to the GTCR Fund XIII came from existing investors, with many increasing the size of their commitment versus prior funds. New investors came on board too. The firm is also celebrating its 40th anniversary having invested $18 billion in over 200 companies since 1980. GTCR XIII is the largest fund raised in the firm’s history and will allow the GTCR team to pursue attractive platform and add-on investment opportunities across a wide range of transaction values. Consistent with its existing fund strategies, the GTCR Fund XIII will partner with management leaders with strong track records of equity value creation to identify, acquire and build companies in the firm’s core industry areas: financial services and technology; growth business services, healthcare and technology, media and telecommunications sectors.

GTCR fund closes with $7.5bn with pension fund buy-in

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