PE fund briefs, week of June 28, 2010

Gemini Investors raises fifth fund

Gemini Investors has closed its fifth fund with $60 million in capital commitments, according to a regulatory filing. The Wellesley, Mass.-based firm focuses on middle-market companies in the technology, business services, consumer services, health care, education, manufacturing and distribution sectors.

Gemini raised $58 million for its fourth fund in 2005, which followed a $180 million third fund raised in 2000.

GTCR prepping for new fund

Bruce Rauner, principal and chairman of GTCR, said that the firm is gearing up to raise its 10th fund, he said while participating at the Buyouts Chicago event (hosted earlier this month by PE Week affiliate publication Buyouts). When asked if there would be any term changes prompted by new taxes/regulations, he said, “no.”

GTCR raised $2.75 billion for its ninth fund in 2009.

Citi looks to raise $3B

Citigroup Inc. is looking to raise more than $3 billion for its private equity and hedge fund units this year, according to a Bloomberg report that cited people with direct knowledge of the plan.

Citi Capital Advisors, a division of Citigroup, may seek $1.5 billion for private equity and $750 million for hedge funds, the sources told the news agency.

Reportedly, Citi hopes to raise an additional $1 billion for its hedge funds next year.

Citigroup could not immediately be reached for comment by Reuters. —Sakthi Prasad, Reuters

Linden raises $375M
Linden, a Chicago-based private equity firm focused on health care and life sciences companies, has closed its second fund with $375 million in capital commitments, according to LBO Wire.

The firm originally went out seeking $300 million, with a $350 million hard cap, but raised the limit due to oversubscription.

Partners Group raises mezz debt fund

Zug, Switzerland-based Partners Group announced last week that it has closed its latest Partners Group European Mezzanine fund with more than $680 million in commitments, making it the largest dedicated direct private debt investment program raised by Partners Group to date. Investors including corporate and public pension plans, insurance companies, financial institutions, endowments and high net worth individuals.

Partner René Biner said that the mezzanine asset class has held up well during the downturn, compared to other asset classes and proved to be less volatile during the downturn. “We are confident with the build-up of the portfolio and the quality of the deal flow that we are currently seeing,” he said in a prepared release.