Insight

Gemspring racks up $2.1bn in total for two funds

Gemspring Capital Fund III secured $1.7 billion while Gemspring Growth Solutions Fund I collected $400 million.

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  • Fund III and GGS I’s limited partners include pension funds, endowments, foundations, family offices, asset management firms and financial institutions
  • Kirkland & Ellis LLP served as legal counsel for both Fund III and GGS I
  • Based in Westport, Connecticut, Gemspring Capital has $3.4 billion of capital under management

Gemspring Capital Management has raised $2.1 billion across its third buyout fund and inaugural non-control fund. Gemspring Capital Fund III secured $1.7 billion while Gemspring Growth Solutions Fund I collected $400 million.

Fund III and GGS I’s limited partners include pension funds, endowments, foundations, family offices, asset management firms and financial institutions.

“We are grateful for the overwhelming support from both existing and new limited partners,” said Bret Wiener, managing partner of Gemspring, in a statement. “With fresh capital, we are well-positioned for a market environment which will likely yield an abundance of opportunities in line with our value-oriented and transformational growth investment strategy.”

In 2020, Gemspring’s previous buyout fund, Fund II, closed on $785 million. The middle-market private equity firm’s debut buyout fund raised $355 million in 2016.

Kirkland & Ellis LLP served as legal counsel for both Fund III and GGS I.

Based in Westport, Connecticut, Gemspring Capital has $3.4 billion of capital under management. The firm targets companies in the aerospace & defense, business services, consumer services, financial and insurance services, healthcare services, industrial services, software and tech-enabled services, or specialty manufacturing sectors.