Gemspring raises combined $2.1bn for new buyout and growth funds

Middle market private equity firm Gemspring Capital Management has closed the Gemspring Capital Fund III at $1.7 billion in capital commitments, and Gemspring Growth Solutions Fund I at $400 million, totaling $2.1 billion in aggregate capital commitments. 

Middle market private equity firm Gemspring Capital Management (Gemspring) has closed the Gemspring Capital Fund III (fund III) at $1.7 billion in capital commitments, and Gemspring Growth Solutions Fund I (GGS I) at $400 million, totaling $2.1 billion in aggregate capital commitments. 

Fund III, Gemspring’s third buyout fund, held its first and final close at the hard cap on all institutional limited partner commitments. 

The Gemspring team makes substantial investments in all Gemspring funds and provided the largest commitment to Fund III. The firm’s predecessor buyout fund, Fund II, closed on $785 million in 2020 and its inaugural buyout fund closed on $355 million in 2016. GGS I, Gemspring’s first non-control fund, was oversubscribed.

Gemspring secured commitments for Fund III and GGS I from a global, diversified investor base comprising pension funds, endowments, foundations, family offices, asset management firms, and financial institutions. 

Kirkland & Ellis LLP served as legal counsel for both Fund III and GGS I.