Global buyout giant Blackstone has agreed to tap its specialist GP stakes fund to acquire a minority stake in fellow private equity house GTCR. The partnership will provide GTCR’s portfolio companies with access to Blackstone’s $150bn revenue base investment platform.
Blackstone’s GP stakes business specializes in long-term partnership with leading private market alternative asset management firms. The firm will also offer internal services including ESG, sustainability, human capital management, cybersecurity, and product development capabilities to GTCR and its portfolio companies.
GTCR managing directors Collin Roche and Dean Mihas commented in a joint statement, “We are thrilled to have this opportunity to work with Blackstone as a passive minority investor in our firm. Blackstone is an exceptional institution and we expect they will bring resources and perspective that will help us as we continue to serve our limited partners, build our franchise and invest our funds over the long term.”
GTCR said the partnership will enhance its ability serve limited partners by working to generate strong and consistent investment returns through the disciplined application of our investment strategy.
Mustafa M. Siddiqui, head of Blackstone’s GP stakes business said, “GTCR has developed one of the most respected investment franchises in the private equity industry. The firm has a world-class group of leaders and investment professionals, a differentiated investment approach and a long history of success. I have been personally gratified to develop rapport with the GTCR team, and we look forward to our long-term partnership.”
Ward Young, GP Stakes managing director added, “Our top priority is to partner with the most successful general partners in private equity. We are especially impressed with GTCR’s strategy of investing in transformative growth behind talented executives. We are pleased to support GTCR’s ongoing success.”
Blackstone joined GTCR last month as majority shareholders in programmatic advertising and agency management software Simpli.fi in a deal that values the company at $1.5bn.
Last year GTCR reached a $7.5bn target-beating final close for its thirteenth flagship buyout fund after just five months of fundraising. The firm joined Reverence Capital Partners to carve out Wells Fargo’s asset management in a $2.1bn deal in February.
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