Genstar Capital closes fourth fund on $475m

The San Francisco-based mid-market buyout shop closes its largest fund yet, which will focus on life sciences, business services and industrial technologies.

San Francisco-based mid-market private equity firm Genstar Capital Partners has announced the close of its fourth fund on $475 million (€376 million).

The fund is more than double the previous vehicle, which closed in July 2001 to the tune of $221 million. Genstar now manages more than $900 million in capital.

The fund will continue to focus on companies operating in life sciences, business services and industrial technology sectors. Principals JPConte, Robert Weltman, Richard Hoskins, and M. Scott Milius are retaining primary responsibility for investing and managing Genstar IV.

Genstar IV’s limited partners include pension plans, fund of funds, insurance companies, corporations, financial institutions, foundations, and high-net-worth individuals. Specifically, some of these include: TD Capital, Caisse de dépôt et placement du Québec, The Regents of the University of California, Goldman Sachs Private Equity Partners Funds, The California Endowment, Grove Street Advisors for the Oregon Public Employees Retirement Fund, and Swiss Re Private Equity Partners.

Genstar’s most recent exit was its March sale of Prestolite Electric Holding, a manufacturer of alternators and starter motors for heavy-duty vehicles, to New York-based middle-market buyout firm First Atlantic Capital.