GTCR Raising $3 Billion

GTCR is targeting $3 billion for its tenth fund, with marketing already underway. The Chicago-based private equity firm’s prior fund was capped at $2.75 billion in 2006. 

In related news, we’re told that GTCR chairman Bruce Rauner is scaling back his activities. “He’s been in more of an advisory role for some time now and not as active sourcing deals, sitting on boards, etc.,” a source says, adding that the transition becomes more “official” with the new fund.

GTCR invests in financial services and technology, healthcare and information services businesses. Most recently, the firm paid $828 million to acquire electronic surveillance company Protection One.

GTCR Fund IX had an IRR of -16% as of December 31, according to data from the Washington State Investment Board. Fund VII and VIII are better performers. Fund VII posted an IRR of 25.3% while Fund VIII stood at 28.7%, the Washington State Board said.

GTCR officials declined comment.