Connecticut-based private equity firm Gemspring Capital Management has closed its second Growth Solutions Fund (GGS II) at $1.1bn in total capital commitments, reaching its hard cap after roughly three months in the market.
The fund, which follows the $400m GGS I raised in 2022, will continue Gemspring’s strategy of providing non-control and growth capital to middle-market businesses.
Commitments came from a diverse global investor base, including pension funds, endowments, family offices, and asset managers. Gemspring itself made the largest single contribution to the fund.
Founded in 2015, Gemspring, which has $5bn of capital under management, now has 75 professionals and has completed 128 acquisitions across its buyout and growth strategies.
Sidley Austin LLP served as legal counsel on the fund.
