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In a move that signals the unrelenting appetite for growth capital, Gemspring Capital Management LLC announced Tuesday that it has closed its second Gemspring Growth Solutions Fund with $1.1 billion in commitments, more than doubling its predecessor and cementing its position as a rising force in private equity.

Tripling the Predecessor

The new fund, dubbed Gemspring Growth Solutions II, shattered expectations, landing nearly three times the size of its 2022 predecessor, which raised $400 million. According to the firm’s statement, the latest vehicle hit its hard cap within just three months of entering the market—closing in its very first round.

Unlike traditional buyouts, the fund is designed for non-control and growth capital investments in middle-market businesses, giving Gemspring the flexibility to back companies without taking majority stakes.

A Broad Investment Scope

Founded in 2015 and based in Westport, Connecticut, Gemspring has carved out a niche targeting companies with revenues of up to $2 billion. Its portfolio spans industries from business services and healthcare to industrial, financial, and tech-enabled sectors, reflecting the firm’s diversified approach.

Global investors ranging from pension funds, endowments, foundations, family offices, and asset managers piled into the new fund. Notably, Gemspring’s own team made what it called a “substantial” investment—the largest single commitment to the vehicle—demonstrating conviction in its strategy.

Investor Confidence Soars

“We are grateful for the overwhelming support from both existing and new limited partners,” said Bret Wiener, Gemspring’s founder and CEO. “Their commitment underscores the rising demand for flexible capital solutions that GGS II is designed to meet at scale.”

With approximately $5 billion in assets under management, Gemspring has executed 128 acquisitions since its inception, driven by its team of 75 professionals.

Portfolio in Action

Its portfolio companies include Airswift, a staffing firm for technology and engineering talent; Sitemetric, which delivers workforce safety and security solutions for construction sites; Mantis Innovation, a provider of energy efficiency services; and Bridgeway Connects, an asset-light transportation and logistics company.

Legal Powerhouse Behind the Fund

The fundraising was advised by Sidley Austin LLP, with partners John Muno and Brad Meissen steering the legal side of the transaction.

For Gemspring, the close of Growth Solutions II marks more than just capital raised—it’s a signal flare in the middle-market investment landscape, showing that investor hunger for flexible growth solutions remains as fierce as ever.