GTCR
| File:GTCR LLC Logo.svg | |
| File:300 North LaSalle in Chicago.jpg Corporate headquarters at 300 North LaSalle in Chicago | |
| Company type | Private |
|---|---|
| Industry | Private equity |
| Founded | 1980 |
| Founders |
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| Headquarters | 300 North LaSalle Chicago, Illinois, United States |
| Products | Leveraged buyout, Rollup |
| AUM | US$40 billion (2024) |
Number of employees | 154 (2023) |
| Website | gtcr |
GTCR LLC is a private equity firm headquartered in Chicago, Illinois that focuses on transactions such as leveraged buyout, leveraged recapitalization, growth capital, and rollup strategies. The company concentrates its investments in rapidly expanding industries including financial services & technology, healthcare, information services & technology, and growth business services.
Since its inception in 1980, GTCR has deployed over $15 billion into more than 200 portfolio companies. By 2021, the firm had grown to employ over 80 professionals, with a team of more than 40 investment specialists.
History
The firm was established in 1980 as Golder Thoma & Co. by Stanley Golder, Carl Thoma, and Bryan Cressey. It originated from Golder’s pivotal role in developing First Chicago Corp.’s private equity platform. Golder played a key role in advocating for pension fund participation in private equity investments, influencing regulatory modifications under ERISA’s "prudent man rule."
In 1984, the company was renamed Golder Thoma & Cressey and subsequently became Golder, Thoma, Cressey, Rauner, Inc. (GTCR) following Bruce Rauner’s advancement to partner.
A division occurred in 1998 due to strategic differences, resulting in two firms concentrating on industry consolidation through roll-ups:
- GTCR Golder Rauner, led by Stanley Golder and Bruce Rauner with headquarters in Chicago. After Golder passed away in 2000 and Rauner retired in 2012, leadership responsibilities shifted to senior partners including Collin Roche, Dean Mihas, Craig Bondy, and David Donnini.
- Thoma Cressey, founded by Carl Thoma and Bryan Cressey with offices located in Chicago and San Francisco. The firm was later renamed Thoma Cressey Bravo to acknowledge Orlando Bravo’s increasing influence. Following Cressey’s exit in 2008 to create the healthcare-focused Cressey & Co., the company became Thoma Bravo under managing partners Carl Thoma, Orlando Bravo, Lee Mitchell, and Scott Crabill. In March 2009, Thoma Bravo completed fundraising for its ninth fund at $822.5 million.
Investment funds
GTCR raises capital through private limited partnerships. Its investor base includes pension funds such as the Washington State Investment Board and Pennsylvania State Employee's Retirement System, along with endowments and other institutional investors.
Since parting ways with Thoma Cressey, GTCR has secured commitments totaling $20 billion across seven private equity funds:
- 1998 - Fund VI ($870 million)
- 2000 - Fund VII ($2.0 billion)
- 2003 - Fund VIII ($1.8 billion)
- 2006 - Fund IX ($2.75 billion)
- 2011 - Fund X ($3.25 billion)
- 2014 - Fund XI ($3.85 billion)
- 2017 - Fund XII ($5.25 billion)
- 2020 - Fund XIII ($7.5 billion)
- 2023 - Fund XIV ($11.5 billion)
Acquisitions
In August 2023, GTCR completed the acquisition of Once For All, a software platform specializing in compliance and supply chain management, with operations based in Basingstoke and Paris, previously owned by Warburg Pincus.
The following month, September 2023, GTCR secured Foundation Source, a company headquartered in Fairfield, Connecticut, that delivers foundation software solutions tailored for private foundations and charitable advisors.
By October 2023, GTCR finalized a $1.6 billion transaction to acquire the commercial security, fire protection, and life safety division of ADT Inc.
In December 2023, GTCR purchased Cloudbreak Health from UpHealth for $180 million.
External links
- GTCR (official website)