Generation Growth Capital increases fund size to $75 million

Closes second tranche at $48 million

Milwaukee-based private equity firm Generation Growth Capital has increased the size of its third fund from $50 million to $75 million, according to a filing with the SEC this week.

Nettles and Reinke at their downtown Milwaukee office.

The firm launched Generation Growth Capital Fund III LP in 2016, with plans to complete the fundraising in three tranches by the end of 2017. It closed the first tranche in October 2016 at $29.3 million, and this week filed notice it has closed a second tranche at $48.2 million. The total offering amount has been increased to $75 million in the amended filing. There are 25 total investors in the offering.

This is the third fund GGC has raised in less than 10 years, and the largest fund it has raised by far. The four-employee company, led by founder Cory Nettles and managing director John Reinke, has been busy completing acquisitions using the first tranche, while selling off portfolio companies from its earlier funds.

Reinke and Nettles could not be reached for comment this week.

Founded in 2007, Generation Growth has quickly raised and invested two other funds—Fund I was $25 million, invested in six companies; and Fund II was $32 million, which GGC invested in six platform companies and three add-on acquisitions within the space of about three years.

Among GGC’s institutional investors are Northwestern Mutual Life Insurance Co., Robert W. Baird & Co. Inc., BMO Harris Bank, the Helen Bader Foundation, Associated Banc-Corp, WEC Energy Group Inc., Johnson Controls International plc, West Bend Mutual Insurance Co. and Church Mutual Insurance Co.

Milwaukee-based private equity firm Generation Growth Capital has increased the size of its third fund from $50 million to $75 million, according to a filing with the SEC this week.

Nettles and Reinke at their downtown Milwaukee office.

The firm launched Generation Growth Capital Fund III LP in 2016, with plans to complete the fundraising in three tranches by the end of 2017. It closed the first tranche in October 2016 at $29.3 million, and this week filed notice it has closed a second tranche at $48.2 million. The total offering amount has been increased to $75 million in the amended filing. There are 25 total investors in the offering.

This is the third fund GGC has raised in less than 10 years, and the largest fund it has raised by far. The four-employee company, led by founder Cory Nettles and managing director John Reinke, has been busy completing acquisitions using the first tranche, while selling off portfolio companies from its earlier funds.

Reinke and Nettles could not be reached for comment this week.

Founded in 2007, Generation Growth has quickly raised and invested two other funds—Fund I was $25 million, invested in six companies; and Fund II was $32 million, which GGC invested in six platform companies and three add-on acquisitions within the space of about three years.

Among GGC’s institutional investors are Northwestern Mutual Life Insurance Co., Robert W. Baird & Co. Inc., BMO Harris Bank, the Helen Bader Foundation, Associated Banc-Corp, WEC Energy Group Inc., Johnson Controls International plc, West Bend Mutual Insurance Co. and Church Mutual Insurance Co.

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