Genstar Capital has held a first and final closing of Genstar Capital Partners X LP with $10.2 billion in capital commitments. Fund X, which began fundraising in December 2020, closed at its hard cap and was oversubscribed.
In addition to Fund X, Genstar has also closed Genstar Opportunities Fund X LP, a $1.5 billion overage fund that will co-invest in Fund X’s larger transactions.
Limited partners in Fund X include endowments and foundations, public and corporate pension plans, sovereign wealth funds, financial institutions, and family offices. Genstar’s previous fund, Genstar Capital Partners IX, closed in February 2019 with $7 billion in capital commitments.
Genstar is an active investor in middle-market companies that have enterprise values from $50 million to $1 billion and EBITDA greater than $15 million. Sectors of specific interest include financial services, software, industrial, and healthcare industries. Over the past 12 months, Genstar acquired three new platform companies and closed on the sale of eight of its portfolio companies.
Just last month, Genstar sold Infinite Electronics, a California-based distributor of electronic components and cable assemblies, to Warburg Pincus. Earlier, in August 2020, Genstar acquired Sonny’s Enterprises, a Florida-based manufacturer of car wash equipment and supplies, from Sentinel Capital Partners. According to Sonny’s, it is the largest manufacturer and distributor of conveyorized car wash equipment, parts and supplies in the world with more than 12,000 SKUs.
Genstar’s investment activities are led by a team of more than 50 investment and operating professionals that are advised by a group of 29 strategic advisors who are current and former senior level, C-suite executives.
San Francisco-headquartered Genstar was founded in 1988 and is led by managing partners J. Ryan Clark (President), Jean-Pierre Conte (Chairman), Rob Rutledge, Tony Salewski, and Eli Weiss.
Evercore Partners was the placement agent on this fundraise and Weil, Gotshal & Manges provided legal services.
© 2021 Private Equity Professional | April 6, 2021