Genstar hires healthcare veteran

The San Francisco-based mid-market firm has named Paul Black, former COO of healthcare information technology provider Cerner, as an operating executive.

Genstar Capital has named healthcare veteran Paul Black as an operating executive.

Black’s responsibilities will include investment thesis generation, industry networking, due diligence and participating on portfolio company boards. Since 2007, Black has worked as a senior advisor to New Mountain Capital and as a director on a number of the firm’s portfolio companies. Prior to New Mountain, Black was the chief operating officer of publicly traded Cerner, a provider of healthcare information technology, which he joined in 1994.

“[Black]’s involvement with Genstar strengthens our ability to identify new investments in the healthcare technology sector, a growing area of focus for us,” Genstar senior associate Roman Margolin said in a statement. The mid-market firm focuses on healthcare, life sciences, financial services, software and industrial technology industries.

Genstar is investing its fifth fund, which has approximately $1.6 billion in aggregate capital commitments. A spokesperson for the firm was not available at press time.

In August, Genstar sold decorative label supplier Fort Dearborn Company to KRG Capital Partners for roughly $520 million, generating a 7.8x return multiple, according to media reports.

Genstar is based in San Francisco and has more than $3 billion of committed capital under management.