Gemspring Capital Announces Gemspring Capital Fund III and Gemspring Growth Solutions Fund I with $2.1 Billion in Aggregate Commitments
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WESTPORT, Conn., January 30, 2023-- Gemspring Capital Management, LLC ("Gemspring"), a middle market private equity firm, is pleased to announce the formation of Gemspring Capital Fund III ("Fund III") at $1.7 billion, and Gemspring Growth Solutions Fund I ("GGS I") at $400 million, totaling $2.1 billion in aggregate capital commitments. Fund III, Gemspring's third buyout fund, held its first and final close at the hard cap on all institutional limited partner commitments. The Gemspring team makes substantial investments in all Gemspring funds and was the largest commitment in Fund III. Gemspring's predecessor buyout fund, Fund II, closed on $785 million in 2020 and its inaugural buyout fund closed on $355 million in 2016. GGS I, Gemspring's first non-control fund, was oversubscribed and closed in 2022.
"We are grateful for the overwhelming support from both existing and new limited partners," remarked Bret Wiener, Managing Partner of Gemspring. "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."
Gemspring secured commitments for Fund III and GGS I from a global, diversified investor base comprised of leading pension funds, endowments, foundations, family offices, asset management firms, and financial institutions. The two fundraises include an active twelve months for Gemspring with investments, acquisitions, and exits representing over $1.6 billion of total enterprise value. Since inception, Gemspring has completed 25 platform investments, 41 add-on acquisitions, and has grown to a team of over 50 people.
Kirkland & Ellis LLP served as legal counsel for both Fund III and GGS I.
About Gemspring Capital
Gemspring Capital, a Westport, Connecticut-based private equity firm with $3.4 billion of capital under management, provides flexible capital solutions to middle market companies. Gemspring partners with talented management teams and takes a partnership approach to helping drive revenue growth, value creation and sustainable competitive advantages. Target companies have up to $500 million in revenue and are 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. For more information, visit www.gemspring.com.
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