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Alternative Assets  + Private Equity  |  May 1, 2023
Genstar Capital Closes Its Eleventh Fund at $12.6B
Joe Palmisano
By: Joe Palmisano

Genstar Capital Closes Its Eleventh Fund at $12.6B

Private equity firm Genstar Capital held the first and final closing of its eleventh fund – Genstar Capital Partners XI with approximately $12.6 billion in total commitments.

The general partner and affiliated entities are collectively the largest investors in Fund XI and will continue to be led by managing partners Ryan Clark, Jean-Pierre Conte, Rob Rutledge, Tony Salewski and Eli Weiss.

Fund XI reached its hard cap with strong support from its existing investor base and an expanded group of limited partners. Genstar’s previous fund closed in April 2021 with approximately $10.2 billion of committed capital.

With $49 billion in assets, San Francisco-based Genstar will continue to make control investments in middle market companies in the financial services, healthcare, industrials and software industries primarily headquartered in North America.

Evercore Partners served as Placement Agent for the fund and Weil, Gotshal & Manges LLP provided legal advice.

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About Joe Palmisano

Joe Palmisano is editorial director of Connect Money, where he oversees daily coverage of alternative assets, direct investments, financial advisory and the economy. He brings three decades of experience as a financial journalist, analyst and portfolio manager. Before joining Connect Money, Palmisano wrote for The Wall Street Journal, covering foreign exchange, global fixed-income and equity markets. He later served as a senior research analyst and portfolio manager, producing market analysis and managing foreign exchange and U.S. equity portfolios for FX Concepts. His work has also appeared in SFO Magazine and CMT Association publications. Palmisano earned a bachelor’s degree in finance from The American University and holds the Chartered Market Technician (CMT) designation and is a member of the CFA Institute.
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