San Francisco firm Genstar Capital held the first and final close of its 11th fund with $12.6 billion in commitments and additional overage capacity from select LPs to co-invest in some of the fund’s larger transactions.
Genstar Capital Partners XI’s largest investor is still the General Partner, but other allocation came from institutional investors including most recently the New Mexico State Investment Council.
The firm’s previous fund, Genstar Capital Partners X, closed in April 2021 with $10.2 billion in capital, officials said. That fund also raised another $1.5 billion in overage capacity for select limited partners for a co-investment vehicle called Opportunities Fund X. That fund attracted capital from a variety of U.S. institutional investors, including CalPERS.
The 31-strong investment team at the $49 billion firm focuses on a variety of targeted segments of financial services, healthcare, industrials, and software industries.
Led by Managing Partners Ryan Clark, Jean-Pierre Conte, Rob Rutledge, Tony Salewski and Eli Weiss, the latest Genstar flagship fund will make control investments in middle market companies primarily headquartered in North America.
Evercore Partners served as Placement Agent for the fund and Weil, Gotshal & Manges LLP provided legal advice.