Private equity firm GTCR closed its 10th buyout fund, the $3.25 billion GTCR Fund X, exceeding the fund’s $3 billion target after seven months of fundraising, said Collin Roche, GTCR principal.
The 10th fund will target investments in financial services and technology, heath care and information services and technology sectors. Some 80% of the commitments came from existing investors, which overall invested about 10% more capital than they had to the last fund, Mr. Roche said.
“Larger (limited partners) are concentrating down their relationships, and we are a beneficiary of that,” Mr. Roche said. “Twenty percent of the investors in the previous fund did not reinvest … But existing investors went up in size.”
Among the investors are the $46.8 billion Massachusetts Pension Reserves Investment Management Board, $15.1 billion San Francisco City & County Employees’ Retirement System, $14 billion Los Angeles Fire & Police Pension System and $11.2 billion Ohio Police & Fire Pension Fund.
