GenNx360 Draws At Least $347M For Fund II

GenNx360 Capital Partners has raised at least $346.9 million for GenNx360 Capital Partners II LP.

The industrial business-to-business buyout shop founded by Ronald Blaylock and General Electric Co veterans looks to surpass the size of its inaugural fund by $150 million.

GenNx360 Capital raised the commitments from 20 investors, against a total projected offering amount on Fund II of $750 million, according to a Form D filing with the Securities and Exchange Commission dated August 26. The firm listed Feb. 21, 2012 as its first date of sale for the fund, suggesting the firm has been in the market well over a year.

The fundraising tally doesn’t include an additional $48 million in commitments that are pending, according to the filing.

Managing Partner and founder Blaylock is listed on the Form D as a principal of the new fund. He’s also the founder of Blaylock & Company, the New York-based investment bank.

Executives at GenNx360 Capital did not return a phone call or an email from sister publication Buyouts.

The New York-based firm is now more than half way to the $600 million raised for its maiden fund, GenNx360 Capital LP, the vintage 2006 vehicle that wrapped up in 2008.

Among limited partners, Capital Link Fund, a fund of funds of emerging managers built for the California Public Employees’ Retirement System, committed $45 million to the debut fund in 2007 and earned an internal rate of return of 13.8 percent as of Dec. 31, 2012.

The firm’s founders include Managing Partners Arthur Harper, James Shepard and Lloyd Trotter, all of whom worked for many years at General Electric Co. Trotter logged nearly 40 years at the conglomerate and was appointed a vice chairman of GE in 2006.

“Unlike firms that are generalist investors, and pure money managers who are hands-off, we’re operating managers and industry insiders who are hands-on and specialized,” GenNx360 Capital says on its website.

Portfolio companies from GenNx360 Capital’s first fund include Vertex Data Science Ltd, a computer software and services firm, added in 2007, as well as several industrial and energy companies, including Horsburgh & Scott Company, Maine Machine Products Company, and Schramm Inc.

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