Genstar Capital has completed fundraising for Ge
nstar Capital Partners VII with $2 billion of limited partner capital commitments, exceeding its initial target of $1.5 billion. With this closing, Genstar now manages funds with total capital commitments of more than $5 billion.
The limited partners of the new fund, which closed at its hard-cap, includes university endowments, foundations, corporate and public pension funds, sovereign wealth funds, global financial institutions, and family offices.
“This new fund is a key milestone for us and a testament to the ongoing development of our organization,” said Tony Salewski, Managing Director of Genstar. “It reflects the hard work of our experienced investment team and network of operating partners who help us to source, diligence, and grow our portfolio companies.”
Genstar invests from $50 million to $400 million in middle-market companies that have enterprise values from $50 million to $1 billion and EBITDAs greater than $15 million. Genstar targets investments in financial services, software, industrial technology, and healthcare industries. The firm was founded in 1988 and is based in San Francisco (www.gencap.com).
“Our current team of managing directors has worked together for more than a decade to create strong and profitable companies and build a collaborative culture at Genstar,” said Jean-Pierre Conte, Managing Director and Chairman of Genstar. “This latest fund is a significant endorsement of our ability to effectuate change within our portfolio companies and achieve superior returns for our investors in the sectors where we have proven operating experience.”
Evercore was the placement agent for Genstar and Weil, Gotshal & Manges served as legal counsel.
© 2015 PEPD • Private Equity’s Leading News Magazine • 8-10-15
