GTCR, a Chicago, IL-based private equity powerhouse, has raised $11.5 billion for its 14th fund – its largest ever – at its hard cap and beating an initial target of $9.25 billion. The raise is a significant success amid tight market conditions for LPs and GPs.

The fund includes total limited partner commitments of $11 billion and a commitment from GTCR of approximately $500 million.

GTCR will continue to target healthcare, TMT, business and consumer services, financial services and tech deals through its latest fund.

“We appreciate tremendously the support from our limited partners. That support is invaluable to us in working with our management partners to build great businesses through transformational growth and add-on acquisitions,” said Dean Mihas and Collin Roche, Co-CEOs of GTCR.

The firm’s predecessor fund, GTCR Fund XIII, was raised and initiated in 2020 with $7.9 billion in aggregate commitments, but the most recent raise leading into GTCR Fund XIV was the GTCR Strategic Growth Fund that closed at $2.5 billion last year.

GTCR, which was founded in 1980, has invested more than $24 billion in over 270 companies, and currently manages over $35 billion in equity capital.