Kirkland Leads Gemspring on Fund Closes Totaling $2.1 Billion

Kirkland & Ellis advised Westport, Connecticut-based Gemspring Capital Management on the formation and closing of two private equity funds totaling $2.1 billion in commitments.

The Gemspring Capital Fund III, Gemspring’s third buyout fund, closed at $1.7 billion, making its hard cap on all institutional limited partner commitments. The Gemspring team was the largest commitment in the fund. Gemspring’s predecessor buyout fund, Fund II, closed at $785 million in 2020, according to a statement.

Gemspring Growth Solutions Fund I, Gemspring’s first non-control fund, was oversubscribed and closed at $400 million in 2022. Investors in the two funds included pension funds, endowments, ...