The Chicago-based private equity firm’s prior fund was capped at $2.75 billion in 2006.
In related news, GTCR Chairman Bruce Rauner is said to be scaling back his activities.
“He’s been in more of an advisory role for some time now and not as active sourcing deals, sitting on boards, etc.,” according to a source, who added that the transition becomes more “official” with the new fund.
GTCR invests in financial services and technology, health care and information services businesses. Most recently, the firm paid $828 million to acquire electronic surveillance company Protection One.
GTCR Fund IX had an IRR of -16% as of Dec. 31, according to data from the Washington State Investment Board. Funds VII and VIII are better performers. Fund VII posted an IRR of 25.3%, while fund VIII stood at 28.7%, the Washington State Board reported.
GTCR officials declined comment. —Luisa Beltran
Goldman Sachs considers PE spinout
The discussions were prompted by concerns about the Volcker rule, which restricts the amount of ownership banks can have in buyout or hedge funds, the report said, citing a Wall Street investment banker with direct knowledge of the matter.
The report also cited unnamed Goldman executives as saying nothing was imminent as they believe under the Volcker rule the firm will have five to seven years for such a move.
Goldman was not immediately available for a comment. —Paritosh Bansal, Reuters
Greenspring eyes $300M
Signal Hill, Updata merge