Chicago-based GTCR has closed its eleventh buyout fund on $3.85 billion, north of its $3.25 billion target.
Fund XI was oversubscribed and marks the firm’s largest ever private equity fund. GTCR launched the fund last June with a $3.25 billion target.
The firm’s tenth fund closed on $3.25 billion in 2011, surpassing its $3 billion target.
GTCR was unavailable for comment at press time.
The firm attracted commitments from both new and existing limited partners, with five of the ten largest investors having invested with GTCR since the 1980s, according to a statement. LPs in the fund include the Massachusetts Pension Reserves Investment Management Board, the Ohio Police & Fire Pension Fund, the Pennsylvania State Employees’ Retirement System, the Public Employees Retirement Association of New Mexico and the Washington State Investment Board, according to Private Equity International’s Research and Analytics division.
Fund XI will continue GTCR’s strategy of investing in North American mid-market companies in the healthcare, financial services, technology and information services sectors. GTCR is known for its “leaders strategy”, which involves backing CEOs and helping them build companies through add-on acquisitions and other operational changes.
Last December, the firm sold intelligence services company Six3 Systems to CACI International for $820 million.
GTCR has invested more than $10 billion in more than 200 companies and has about $11 billion in assets under management.