Gemspring Capital has scored a huge fund size increase through the $750m final close of its sophomore investment vehicle.
The Connecticut-based firm held an already impressive $350m first close for its debut fund in 2016, a year after it was launched by HIG Capital veteran Bret Weiner.
All of Gemspring’s institutional investors from its first fund came back for the Fund II raise, the firm said.
Acalyx Advisors served as exclusive placement advisor, as it did for Fund I, and Kirkland & Ellis served as legal counsel.
Wiener launched Gemspring in 2015 after 11 years with HIG Capital, including seven as a managing director.
He was a founding managing director of the HIG Capital Middle Market Fund, and led the HIG middle market business services effort.
Gemspring targets companies with revenue of up to $500m in the business services, distribution and logistics, financial and insurance services, healthcare services, industrial services, software and tech-enabled services or specialty manufacturing sectors.
The firm made its first investment of the year in mid-January, through the simultaneous buyouts of Skyline Displays and TradeTec.
Last year the firm made investments include behavioural health software business Valant Medical Solutions and Shrieve Chemical Company.
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