GTCR

Image:GTCR Historical Logo.png

The company was founded in 1980 as Golder Thoma & Co. by Stanley Golder, Carl Thoma, and Bryan Cressey.{{Cite web|title=Newspapers.com search|url=http://chicagotribune.newspapers.com/search/|access-date=2020-09-21|website=Chicago Tribune|language=en}} In the 1970s, Golder built the private equity program at First Chicago Corp.Today part of JPMorgan Chase through its acquisition of Bank One where he is noted primarily for backing Federal Express and for efforts as chairman of the National Venture Capital Association and the National Association of Small Business Investment Companies to change federal laws allowing pensions to invest in private equity.In 1978, the US Labor Department relaxed certain of the ERISA restrictions, under the "prudent man rule," a fiduciary responsibility of investment managers under ERISA. Under the original application, each investment was expected to adhere to risk standards on its own merits, limiting the ability of investment managers to make any investments deemed potentially risky. Under the revised 1978 interpretation, the concept of portfolio diversification of risk, measuring risk at the aggregate portfolio level rather than the investment level to satisfy fiduciary standards would also be accepted.[http://www.buyoutsnews.com/story.asp?storycode=23408 Private Equity Pioneer Golder Dies]{{Dead link|date=December 2018 |bot=InternetArchiveBot |fix-attempted=yes }}. Buyouts, January 24, 2000. A cached version of the article can be found [https://web.archive.org/web/20090726094114/http://www.buyoutsnews.com/subsAccessInfo.asp here.] Golder Thoma & Cressey received much of its initial funding from William M. Blair and upon leaving First Chicago, Golder was replaced by John A. Canning, Jr. who would go on to found rival Chicago private equity firm Madison Dearborn.

{{history of private equity and venture capital}}

The firm became Golder Thoma & Cressey in 1984, and with the promotion of Bruce Rauner to partner the firm would come to be known as Golder, Thoma, Cressey, Rauner, Inc. (GTCR), although it would still often be referred to as Golder Thoma.[http://www.business.uiuc.edu/annual/annual96/golder.html Stanley C. Golder] {{Webarchive|url=https://web.archive.org/web/20070223120148/http://www.business.uiuc.edu/annual/annual96/golder.html |date=2007-02-23 }}, a donor profile at the UIUC website

In 1998, disagreements between the senior partners led Golder, Thoma, Cressey, Rauner, Inc. split into two private equity firms. Both firms continue to invest primarily through consolidations of specific industries, referred to as roll-ups:

• GTCR Golder Rauner, (Stanley Golder and Bruce Rauner), the private equity firm, based in Chicago, now known as GTCR. GTCR founder Stanley Golder died in 2000 and lead partner Bruce Rauner retired in 2012. Today the firm is led by several senior partners, including Collin Roche, Dean Mihas, Craig Bondy and David Donnini.[http://www.chicagobusiness.com/article/20121019/NEWS01/121019735/rauner-makes-it-official-retires-from-gtcr Rauner makes it official, retires from GTCR], an article in Crain's Chicago Business dated October 19, 2012
• Thoma Cressey, (Carl Thoma and Bryan Cressey) based in Chicago and San Francisco. Thoma Cressey would be renamed Thoma Cressey Bravo to reflect the growing role of partner Orlando Bravo. In 2008, Bryan Cressey left Thoma Cressey Bravo with several investment professionals to form Cressey & Co. a healthcare-focused private equity firm.[http://findarticles.com/p/articles/mi_hb5253/is_200409/ai_n20197853 "Dealmakers' boot camp; Golder Thoma: A buyout industry proving ground"], Crain's Chicago Business, September, 2004 by Steve Daniels"[https://web.archive.org/web/20080123122008/http://www.buyoutsnews.com/story.asp Personality Profile: Cressey Takes Specialization To The Next Level]." Buyouts, June 23, 2008 Thoma Cressey Bravo became Thoma Bravo after Cressey’s departure, led by managing partners Carl Thoma, Orlando Bravo, Lee Mitchell and Scott Crabill. The firm closed its 9th fund in March 2009 with $822.5 million.[https://www.bloomberg.com/apps/news?pid=conewsstory&refer=conews&tkr=EMBT%3AUS&sid=aYrzb3.yTZSQ "Thoma Bravo Completes Fundraising"] Bloomberg, March 16, 2009

GTCR invests through a series of private limited partnerships and its investors include a variety of pension funds (e.g., Washington State Investment Board,[http://www.sib.wa.gov/financial/invrep_ir.html Washington State Investment Board Private Equity IRR Report] {{webarchive|url=https://web.archive.org/web/20080513041941/http://www.sib.wa.gov/financial/invrep_ir.html |date=2008-05-13 }} Pennsylvania State Employee's Retirement System[http://www.sers.state.pa.us/sers/cwp/view.asp?a=539&q=255601&sersSPNav=|#6481 Pennsylvania State Employee's Retirement System Detailed Holding Information]) endowments and other institutional investors.

Following its separation from Thoma Cressey (discussed above), GTCR has raised seven private equity funds totaling $20 billion in limited partner commitments:

• 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){{cite news|title=Press Release|url=http://www.gtcr.com/gtcr-closes-3-25-billion-buyout-fund/}}
• 2014 - Fund XI ($3.85 billion){{cite news|title=Press Release |url=http://www.gtcr.com/gtcr-closes-3-85-billion-buyout-fund-leading-private-equity-firm-exceeds-target/ |url-status=dead |archiveurl=https://web.archive.org/web/20140305205428/http://www.gtcr.com/gtcr-closes-3-85-billion-buyout-fund-leading-private-equity-firm-exceeds-target/ |archivedate=2014-03-05 }}
• 2017 - Fund XII ($5.25 billion){{Cite press release|url=https://www.prnewswire.com/news-releases/gtcr-closes-525-billion-buyout-fund-300535075.html|title=GTCR Closes $5.25 Billion Buyout Fund|last=GTCR|website=www.prnewswire.com|language=en|access-date=2019-01-28}}
• 2020 - Fund XIII ($7.5 billion)
• 2023 - Fund XIV ($11.5 billion)

In August 2023, it was announced GTCR had acquired the Basingstoke and Paris-headquartered compliance and supply chain management software platform, Once For All, from Warburg Pincus for an undisclosed amount.{{Cite web |last=Media |first=Insider |date=2023-08-30 |title=GTCR completes Once For All acquisition |url=https://www.insidermedia.com/news/national/gtcr-completes-once-for-all-acquisition |access-date=2023-08-30 |website=Insider Media Ltd |language=en}}

In September 2023, it was announced GTCR had acquired the Fairfield, Connecticut-based foundation software provider for private foundations and charitable advisors, Foundation Source.{{Cite web |last=FinSMEs |date=2023-09-14 |title=GTCR Acquires Foundation Source |url=https://www.finsmes.com/2023/09/gtcr-acquires-foundation-source.html |access-date=2023-09-14 |website=FinSMEs |language=en-US}}

In October 2023, GTCR acquired the commercial security, fire and life safety business unit of ADT Inc. for $1.6 billion.{{Cite news |last=Jain |first=Aishwarya |date=August 8, 2023 |title=Security firm ADT's commercial unit to be taken private by GTCR for $1.6 bln |url=https://www.reuters.com/markets/deals/security-firm-adts-commercial-unit-be-taken-private-by-gtcr-16-bln-2023-08-08/ |publisher=Reuters}}{{Cite web |last=Joseph |first=Irien |date=October 3, 2023 |title=GTCR wraps up ADT's commercial fire and security biz acquisition |url=https://www.pehub.com/gtcr-wraps-up-adts-commercial-fire-and-security-biz-acquisition/ |website=PE Hub}}

In December 2023, GTCR acquired Cloudbreak Health from UpHealth for $180 million.{{Cite web |last=Buckley |first=Holly |date=2023-11-22 |title=Healthcare & Life Sciences Private Equity Deal Tracker: GTCR to Acquire Cloudbreak Health for $180 million |url=https://www.thehealthcareinvestor.com/2023/11/articles/healthcare-services-investing/healthcare-life-sciences-private-equity-deal-tracker-gtcr-to-acquire-cloudbreak-health-for-180-million/ |access-date=2023-12-15 |website=The Healthcare Investor |language=en-US}}

• [http://www.gtcr.com/ GTCR] (official website)

{{reflist}}

{{Private equity and venture capital}}

Category:Financial services companies established in 1980

Category:Private equity firms of the United States

Category:Companies based in Chicago

Category:American companies established in 1980