Gemspring Capital Management LLC, a Westport, Conn.-based private equity firm, has closed Gemspring Capital Fund III at $1.7 billion and Gemspring Growth Solutions Fund I at $400 million, totaling $2.1 billion in aggregate capital commitments.
Fund III, Gemspring’s third buyout fund, held its close at the hard cap on all institutional limited partner commitments. The Gemspring team makes investments in all Gemspring funds and was the largest commitment in Fund III. GGS I, Gemspring’s first non-control fund, was oversubscribed and closed in 2022. Gemspring secured commitments for Fund III and GGS I from an investor base comprised of pension funds, endowments, foundations, family offices, asset management firms, and financial institutions.
“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,” states Bret Wiener, managing partner of Gemspring.
Kirkland & Ellis LLP served as legal counsel for both Fund III and GGS I.