GTCR Closes Fund Thirteen

GTCR has closed its thirteenth fund, GTCR Fund XIII LP, with $7.5 billion of limited partner capital commitments.

The new fund, raised in just five months, had a target of $6.75 billion and was oversubscribed. Fund XIII is the largest investment fund in GTCR’s history.

Investors in Fund XIII include public pension funds, endowments, foundations, funds of funds and individuals, including GTCR professionals. A large majority of the commitments to Fund XIII came from the firm’s existing investors, with many increasing the size of their commitment from prior funds. The firm also received commitments from a meaningful number of new investors.

GTCR has been active recently building Regatta Medical, a platform that it formed with Chip Hance in April 2017 to acquire medical device manufacturing companies. Earlier this month, Resonetics, a subsidiary of Regatta Medical, acquired the medical business unit (HTI Medical) of Hutchinson Technology, a subsidiary of electronics giant and Japan-headquartered TDK.

Minnesota-based HTI Medical fabricates and assembles micro-components for medical devices used in minimally-invasive conventional and robotic surgery applications. New Hampshire-headquartered Resonetics provides laser micro-machining manufacturing services for medical device and diagnostic companies, as well as to other markets requiring laser processing of polymers and glass. The company’s capabilities include precision laser prototyping and manufacturing that can create features as small as one micron – a fraction of a human hair – in a variety of materials.

Since its founding in 1980, Chicago-based GTCR has invested more than $18 billion in over 200 companies. Sectors of interest include business services; technology, media & telecommunications; healthcare, and financial services & technology.

© 2020 Private Equity Professional | November 11, 2020

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