New York-based GCP Capital Partners has raised $216m for its latest fund, FinTech Global can reveal.
It is not clear how much GCP Capital Partners IV is targeting, with no filing listed on the SEC, but its predecessor vehicle held a final close on $300m. The vehicle has so far attracted 63 investors with a minimum of $100,000 accepted.
The strategy of the fund has not been confirmed, but other vehicles managed by the firm look to deploy between $10m and $30m in businesses with an enterprise value of between $25m and $250m. It targets the high growth business services, financial services and technology and energy sectors.
The buyout house raised its first fund in 2000, holding a final close on $423m. Five years later, it raised its second fund and raked in $875m, before closing on $300m for its last fund in 2012.
Its portfolio is made up of 37 businesses, including Peregrine Oil and Gas and Radius Bank. Over the years the firm has made a range of investments in to the FinTech sector. At the start of the year, cross-border payment provider Transfast, which is owned by GCP, picked up a $40m credit facility from Comvest Partners.
Other company’s in the firm’s portfolio include electronic payment solution provider Complete Merchant Solutions, SME bank-card payment processing system Heartland Payment Systems and Healthcare Finance Group, which is an asset and cash flow-based loans supplier to the healthcare industry.
GCP spun out of Greenhill & Co in 2009, and has generated more than $2.5bn through previous investments.
Eight of the firms previous investments have generated enterprise values of $1bn or higher.
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