GTCR’s FS&T team remained highly active in 2024, closing new platform transactions, realizing substantial liquidity in a key investment and driving strategic add-on acquisitions

For a complete list of FS&T investments since 2000, please refer to the section at the bottom of this page

FS&T by the Numbers

GTCR has decades of experience investing in Financial Services & Technology, including great depth in our core verticals within the broader sector. Our FS&T portfolio includes 10 active companies that span the financial services ecosystem and create a significant impact on the sector.

*Including pending Morningstar TAMP acquisition

Since 2000, the Financial Services & Technology (FS&T) Group has made over 30 platform investments and over 425 add-on acquisitions, for a combined enterprise value of over $50 billion.

The FS&T Group has remained highly active over the last year, closing four new platform transactions with a combined enterprise value of more than $21 billion and exiting our highly successful investment in RevSpring. We also completed 40 add-on acquisitions and partnered with new Leaders Strategy™ executives across several companies:

• Allspring Global Investments completed the exit of its transition service agreement with Wells Fargo and is now operating as a fully independent global asset manager. The company is focused on executing organic growth and efficiency initiatives, enhancing its technology and distribution capabilities, and pursuing strategic acquisition opportunities. 
• GTCR completed the acquisition of AssetMark, a leading wealth management technology platform for financial advisors. GTCR executed this Leaders Strategy™ investment in partnership with Lou Maiuri, former President, COO and Head of Investment Servicing at State Street, who assumed the role of Group CEO upon closing. Shortly after GTCR announced the acquisition of AssetMark, the company signed a definitive agreement to acquire Morningstar’s Turnkey Asset Management Platform (TAMP), which will bring ~$12 billion of assets onto AssetMark’s platform and establish a long-term strategic alliance with Morningstar.
• AssuredPartners reached a major milestone, completing its 500th acquisition since GTCR and management founded the company in 2011. Over the last 12 months, the company continued to execute on its disciplined acquisition strategy with 34 acquisitions, representing $81 million of EBITDA. AssuredPartners has seen accelerating growth as a result of its focus on new producer recruitment. Today, AssuredPartners is the sixth largest privately owned insurance broker in the U.S., with over 10,000 employees and over $20 billion of annual insurance premium written.
• CAPTRUST continued to drive strong organic growth and surpassed $1 trillion in assets under management and advisement, up from approximately $390 billion when GTCR first invested in the company in 2020. In the last 12 months, the company completed five acquisitions, bringing the total to 34 acquisitions since GTCR partnered with CAPTRUST. 
• Cisive is on track for its strongest bookings year ever in 2024, driven by go-to-market execution and technology initiatives under new leadership. 
• Foundation Source completed the acquisition of PG Calc, expanding the company’s suite of solutions to address the planned giving market in partnership with leading financial institutions, universities and nonprofits.
• itel saw growth accelerate over the last few years with the highly successful rollouts of its new Asphalt Shingle Pricing and Vinyl Siding Pricing products. The company is also leveraging artificial intelligence to identify precise specifications of building materials, allowing them to automate workflows and enhance user experience.
• R&T Deposit Solutions (“R&T”) continued to build out its C-suite to help execute on the company’s long-term strategy behind ​​Leaders Strategy™ Executive Chairperson Susan Cosgrove.
• GTCR exited our successful investment in RevSpring, a leading provider in healthcare patient engagement communications and payments, with the sale of the company to Frazier Healthcare Partners. GTCR originally acquired RevSpring in 2016 and, alongside CEO Scott MacKenzie, transformed the business through go-to-market enhancement, product and technology investment and strategic acquisitions.
• GTCR signed a definitive agreement to acquire TRANZACT, a leading direct-to-consumer insurance services company, from WTW PLC. GTCR and co-investors executed this investment behind current President Andy Nelson and the existing management team. Together, they will implement a strategy to drive continued innovation, with additional capital available to help fund the expansion and enhancement of its services across TRANZACT’s unique customer acquisition platform.
• Ultimus Fund Solutions exceeded $500 billion in assets under administration, up from approximately $150 billion when GTCR first invested in the company in 2019. In partnership with GTCR, Ultimus continued its strong growth trajectory driven by demand for its market-leading services across private funds, exchange-traded funds, retail alternative funds, middle office operations, and treasury and transfer agency services.
• GTCR completed its investment in Worldpay. GTCR’s partnership with Leaders Strategy™ CEO Charles Drucker is off to a strong start, as Worldpay has built out a strong senior leadership team and began executing on organic growth initiatives. Worldpay is accelerating investment in new products and technology to better serve partners and clients, and is pursuing strategic acquisitions to enhance its global scale and capabilities.

Since the firm’s inception in 1980, GTCR has partnered with management teams in more than 280 investments with the goal of building and transforming growth businesses. Since 2000, GTCR has invested over $25 billion in approximately 125 portfolio companies, including more than 80 companies that have been sold for an aggregate enterprise value of over $60 billion, and another 15 companies that have been taken public with an aggregate gross enterprise value of over $35 billion. The firm currently manages $40 billion in equity capital.

We are currently investing out of two vehicles, GTCR Fund XIV, an $11.5 billion private equity fund raised in May 2023, and our Strategic Growth Fund, a $2.2 billion private equity fund raised in 2022. Across both funds, GTCR rigorously applies our established Leaders Strategy™ investment approach in the Financial Services & Technology, Business & Consumer Services, Healthcare, and Technology, Media & Telecommunications sectors.

GTCR continues to invest in the firm’s people and infrastructure to support our investment activities and leading portfolio companies. We continue to strategically expand our teams and offices, and build out our Portfolio Resources Group to support management teams as they grow their businesses. GTCR also continues to drive forward ESG-DEI initiatives that we believe create value at our portfolio companies and can improve our firm.