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Genstar Capital raises $7 billion for latest buyout fund

Genstar Capital closed its Genstar Capital Partners IX fund at $7 billion, a spokesman confirmed Monday.

Genstar's latest middle-market buyout fund had $5.5 billion in limited partner commitments, $1.1 billion in overage capacity commitments from selected limited partners and $400 million committed by the general partner and associated entities, a news release said. The prior fund, Genstar Capital Partners VIII, closed at $3.95 billion in 2017.

Investors in the current fund included the Nebraska Investment Council, Lincoln, which oversees $26.9 billion in total assets; $8.3 billion Alameda County Employees' Retirement Association, Oakland, Calif.; and $778 million Merced County (Calif.) Employees' Retirement Association.