GTCR Prepares To Raise Tenth Fund

Small piece of news out of a panel I moderated yesterday at Buyouts Chicago:

GTCR co-founder and chairman Bruce Rauner said that his firm is gearing up to raise its tenth fund. I asked if there would be any term changes prompted by new taxes/regulations, and he said “no.”

The firm closed its ninth fund in October 2006 with $2.75 billion in capital commitments. According to the Washington State Investment Board, that fund was around 45% called down with an IRR of -16%, through the end of 2009. GTCR’s seventh and eigth funds were better performers, with respective IRRs of 25.3% and 28.7 percent.