Gemspring Closes Fund II

Gemspring Capital has closed its second fund, Gemspring Capital Fund II LP, with $750 million of capital commitments.

Limited partners in the new fund include endowments, foundations, family offices, consultants, insurance companies, pension plans and funds of funds. Notably, each of Gemspring’s institutional investors from its first fund, which closed in November 2016 with $350 million of capital commitments, committed to the firm’s new fund.

Westport, Connecticut-based Gemspring invests in companies that have revenues up to $500 million and are active in the business services, distribution and logistics, financial and insurance services, healthcare services, industrial services, software and specialty manufacturing sectors.

In December 2019, Gemspring acquired Shrieve Chemical, a Texas-based distributor of industrial chemicals, fluids, and specialty lubricants. The company sells more than 700 products sourced from over 600 suppliers and is one of the leading distributors of sulfur and sulfuric acid. Shrieve’s products are sold worldwide in more than 40 countries in the Americas, Europe and Asia.

Acalyx Advisors was the placement agent for this fundraise and Kirkland & Ellis provided legal services.

© 2020 Private Equity Professional | April 3, 2020

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