Chicago-based private equity firm GTCR closed its 14th fund with $11.5 billion in commitments, reaching its hard cap.
GTCR Fund XIV received support from limited partners in prior GTCR funds, many of whom have invested with the firm for decades, as well as several new investors. Investors in the new fund include: Alaska Permanent Fund Corp.; Teachers’ Retirement System of Texas; Massachusetts Pension Reserves Investment Management Board; Washington State Investment Board; and Maine Public Employees’ Retirement System.
“For over four decades, GTCR’s approach has been to build deep domain expertise and broad executive relationships in our core industries,” said GTCR Co-CEOs Dean Mihas and Collin Roche in a statement. “This approach enables us to partner with and support high caliber, experienced management leaders in pursuing opportunities for transformation, including corporate carve-outs, transformational mergers and growth through acquisition strategies.”
Fund XIV will expand the firm’s capacity to partner with exceptional management leaders who have strong track records of value creation to identify, acquire and build market-leading companies in its core industry domains of healthcare, technology, media and telecom, business and consumer services and financial services. GTCR’s investment approach emphasizes transformational growth to build better businesses with a long-term orientation.
GTCR has invested more than $24 billion in over 270 companies since 1980, and the firm currently manages more than $35 billion in equity capital. GTCR’s predecessor fund, GTCR Fund XIII, was raised and initiated in 2020 with $7.9 billion in aggregate commitments, but the most recent raise leading into GTCR Fund XIV was the GTCR Strategic Growth Fund that closed at $2.5 billion last year.
According to Mihas and Roche, GTCR’s organization and team continues to grow as the firm increases its sourcing efforts. “We believe that our differentiated strategy, our high-quality and experienced team, and our committed capital resources position us to capitalize on unique opportunities in the current environment,” they added.
