Gemspring Capital Secures Combined $2.1B for Buyout and Growth Funds
Gemspring Capital Management has closed two new funds – Gemspring Capital Fund III, its third buyout fund, at $1.7 billion and Gemspring Growth Solutions Fund I, its first non-control investment fund, at an oversubscribed $400 million.
Fund III closed at its hard cap on all institutional limited partner commitments. Additionally, members of the investment team, which invest in all funds, made the largest aggregate commitment to Fund III.
“With fresh capital, we are well-positioned for a market environment that will likely yield an abundance of opportunities in line with our value-oriented and transformational growth investment strategy,” said Bret Wiener, the managing partner of Gemspring.
The Westport, CT-based firm’s earlier buyout fund, Gemspring Capital Fund II, closed at $785 million in March 2020, and its first buyout fund closed at $355 million in November 2016.
Two recent transactions closed by the firm include a minority investment in Chicago Switchboard, an Illinois-based provider of electrical power distribution equipment, including switchgears, switchboards, and panel boards, and the acquisition by Shrieve Chemical, a Gemspring portfolio company since December 2019.
The firm’s target companies have up to $500 million in revenue and are in the aerospace & defense, business services, consumer services and financial and insurance services sectors, among others.
With the closing of its two new funds, Gemspring now manages $3.4 billion in assets.