San Francisco-based Genstar Capital hauled in $7 billion of capital commitments for its ninth flagship fund, within 15 weeks of launch. LP commitments totalled $6.6 billion, while Genstar’s partners and affiliates contributed $400 million. Capital raised for Fund IX will target financial services, software, industrial technology, and healthcare industries. Alameda County Employees Retirement Association committed $33 million and Nebraska Investment Council contributed $50 million to the fund.
In Asia, TPG held a final close on its seventh fund dedicated to the region after close to two years of fundraising. The firm raised $4.6 billion, surpassing its initial fundraising target of between $4 billion and $5 billion. An approximately $1 billion secondaries deal with a Lexington Partners-led consortium has helped the firm secure a final close. Partners Group, Adams Street Partners and HQ Capital were part of the consortium, as reported by sister title Secondaries Investor. Investors in Fund VII include Employees Retirement System of Texas, New Mexico State Investment Council, and Teacher Retirement System of Texas, according to PEI data.
New York-based Siris Capital Group, meanwhile, raised $3.45 billion against a $3 billion target for its fourth flagship fund. Capital raised for its latest vehicle is nearly double its predecessor, the 2015-vintage, $1.8 billion Fund III. Fund IV attracted a diverse group of investors including sovereign wealth funds, public pension funds, multinational corporations, insurance companies, fund of funds managers, endowments, foundations and family offices, both in the United States and overseas. Florida State Board of Administration, Connecticut Retirement Plans and Trust Funds and Arkansas Teacher Retirement System have backed Fund IV, PEI data show.
Swedish mid-market manager Altor Equity Partners comes in next with its ‘one-and-done’ €2.5 billion Fund V, that will have will have German-speaking Europe as part of its core investment focus. The firm’s investor base has grown for Fund V, with fresh capital from family offices, banks and insurers in the DACH region. Ninety-three percent of capital commitments came from existing LPs which include US university endowments, foundations, pension funds and insurance companies, according to a statement.
Lastly, New York-headquartered SK Capital Partners closed its largest fund to date in the same month, gathering $2.1 billion for SK Capital Partners Fund V. The fund includes a sidecar vehicle that enables the firm “to provide greater speed and certainty to sellers when it pursues larger transactions”. Fund V will make investments in specialty materials, chemicals and pharmaceuticals sectors.