Genstar Capital Closes Fund X and Affiliated Opportunities Fund at USD11.7bn
Private equity firm Genstar Capital has held the first and final closing of Genstar Capital Partners X (Fund X) with approximately USD10.2 billion in total commitments. In addition, the firm has raised committed overage capacity of USD1.5 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 USD11.7 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 USD7 billion of total committed capital.
Over the past 12 months, Genstar completed significant investments in three new platform companies and realised proceeds from eight companies. Genstar continues to invest in and take control positions in middle market companies headquartered in North America. Genstar’s 50-plus 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.