GenNx360 adds operating partner

The firm has hired Otis Spencer as its seventh operating partner. 

GenNx360 Capital Partners has hired Otis Spencer as its seventh operating partner. He is based in the firm’s New York office.

Spencer joins GenNx360 from WBS Financial in Dallas, Texas where he was a manufacturing strategy and operations adviser. Spencer was previously a general manager at TAMKO Building Products, which manufactures roofing and waterproofing products, from 2005 to 2012. He also spent 13 years in the US Army.

At GenNx360, Spencer will focus on all of the firm’s target sectors and will report to founder and managing partner Lloyd Trotter. GenNx360 is led by seven operating partners, including three of the firm’s four founders, according to its website.

GenNx360 is raising its second fund, which is targeting $750 million. The firm had collected about $347 million as of last August, according to documents filed with the US Securities and Exchange Commission. The amount raised does not include a general partner commitment of about $48 million, which could bring the fund’s total to about $800 million.

GenNx360 declined to comment on fundraising.

The firm invests in the industrial machinery and components, oil and gas, transportation and logistics, agriculture, specialty chemicals and aerospace sectors. Its portfolio includes Ontario-based seeding and fertilising equipment maker Salford Group and Ohio-based industrial gear manufacturer Horsburgh & Scott, according to its website.

Headquartered in New York, GenNx360 has offices in Seattle and Boston. The firm was founded in 2006.