GTCR targets $3.25bn for 11th fund

The Chicago-based firm launched its fund earlier this year for investments in North American mid-market companies.

GTCR Fund XI, a 2013 vintage, is targeting $3.25 billion, according to a Maine Public Employees Retirement System memo.
GTCR declined to comment.

The firm’s tenth fund closed on $3.25 billion in February 2011 and beat its $3 billion target, according to Private Equity International’s Research and Analytics division. It is currently investing in North American companies in the banking and finance, healthcare and technology sectors.
MainePERS committed $30 million to the fund in 2010, according to PEI data. The retirement system has not decided whether it will commit to GTCR XI, but is engaged in full due diligence with its consultant Cliffwater, according to the memo.
Chicago-based GTCR has been investing in private equity since it was founded in 1980 as a spin-out from US Bank First Chicago.
Later, Bruce Rauner and Stanley Golder founded the firm, after it split again, from Golder Thoma & Company.  Rauner has been in the process of retiring and the firm is now operated by its nine-person committee of managing directors, according to PEI data.