A Westport-based private equity firm announced it has closed a new $1.1 billion fund to invest in middle-market companies.
Gemspring Capital Management, which has $5 billion in capital under management, said it has closed its Gemspring Growth Solutions II fund with backing from pension funds, endowments, foundations, family offices, asset management firms and other financial institutions.
Gemspring made the largest single investment in the fund, it said.
The fund was oversubscribed after about three months in the market, Gemspring said. It closed three years after the firm concluded an initial $400 million fund.
Gemspring, which has 75 employees and was founded in 2015, said its strategy centers on non-control, growth capital investments in middle-market businesses.
The firm said it has made 128 acquisitions since its founding, targeting companies with up to $2 billion in revenue across sectors including business and consumer services, finance and insurance, health care, industrials, software and tech-enabled services.
Its current portfolio ranges from plumbing and HVAC business Ampam to visual effects company Crafty Apes and Shrieve Chemical Co.
