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Genstar raises ~$11.7bn for Fund X, overage pool

Fund X took under four months to raise after launching into market in December. 

Genstar Capital closed its tenth fund on about $10.2 billion, along with an overage pool of $1.5 billion that will co-invest alongside Fund X deals. Total capital raised, including the GP stake, totaled around $11.7 billion. Fund X took under four months to raise after launching into market in December.

Press Release

Genstar Capital, a leading private equity firm focused on investments in targeted segments of the financial services, healthcare, industrials, and software industries, today announced the first and final closing of Genstar Capital Partners X (“Fund X”) with approximately $10.2 billion in total commitments. In addition, Genstar has raised committed overage capacity of $1.5 billion from select limited partners for Genstar’s Opportunities Fund X, which will co-invest in Fund X’s larger transactions. The General Partner and affiliated entities are collectively the largest investor in Fund X. Total capital raised, including Fund X, the General Partner, affiliated entities, and the overage capacity is approximately $11.7 billion.

The fund reached its hard cap and was significantly oversubscribed, closing less than four months after its official launch in December, 2020. The General Partner will continue to be led by Managing Partners J. Ryan Clark (President), Jean-Pierre L. Conte (Chairman), Rob S. Rutledge, Tony J. Salewski, and Eli P. Weiss.

Fund X received strong support from its predecessor fund’s existing investor base and an expanded group of limited partners, including leading global 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 2019 with approximately $7 billion of total committed capital.

Over the past 12 months, Genstar completed significant investments in three new platform companies and realized proceeds from eight companies. Genstar continues to invest in and take control positions in middle market companies headquartered in North America. Genstar’s 50+ professionals include its 26-member investment team, operating from a single office in San Francisco, which is supported by a senior operations team. The investment team is complemented by a group of 29 Strategic Advisors, who are current and former C-level executives, working side by side with the Genstar investment team.

Evercore Partners served as Placement Agent for the fund, and Weil, Gotshal & Manges LLP provided legal advice.

About Genstar Capital
Genstar Capital (www.gencap.com) is a leading private equity firm that has been actively investing in high quality companies for over 30 years. Based in San Francisco, Genstar works in partnership with its management teams and its network of strategic advisors to transform its portfolio companies into industry-leading businesses. Together with Genstar X and all active funds, Genstar currently has approximately $33 billion of assets under management and targets investments focused on targeted segments of the financial services, healthcare, industrials, and software industries.