Greyrock raises $146m for latest fund

The Berkeley, California-based firm’s fourth debt fund is nearly halfway to $250m target.

Greyrock Capital Group has raised $145.5 million for its latest debt fund, according to a US Securities and Exchange Commission filing.

The firm began fundraising for its fourth GCG Investors fund this year with a $250 million target. 

The first three GCG Investor funds provided mezzanine debt to support corporate buyouts, recapitalizations and growth capital with investments ranging from $5 million to $35 million made in companies with EBITDA over $3 million.  A source familiar with the matter confirmed the fourth vehicle in the series would continue that trend. The firm declined to comment. 

The fund targets limited partners that include hedge funds, corporate and insurance companies, fund of funds, endowments and high-net-worth professionals. 

Greyrock raised $190.5 million for its previous fund GCG Investors III, which held its final close in 2015, according to Private Debt Investor data. The firm launched GCG Investors I in 2002 and raised $70.38 million for that fund, slightly below its $86.5 million target, while the 2004 GCG Investor II pulled in $122 million for its $250 million goal.

Between the four funds, Greyrock has $743.5 million in commitments.

Since its founding in 2002, Greyrock has invested in over 55 platform companies in the automotive, manufacturing, pharmaceutical, chemical and food industries. Greyrock is an investment firm focused on providing mezzanine debt and equity capital to mid-market companies in the US. The firm has offices in Chicago; Berkeley, California; and Wilton, Connecticut.