Genstar — funds, providers and filings
Managers: all tracked managers · fund search & entity graph · private market performance
News
Events
- 2026-08-26 Victory Capital to Acquire First Eagle Investments, Creating a $571 Billion Diversified Global Asset Manager
- 2026-08-19 Genstar Capital to Acquire Oncourse Home Solutions from Apax Funds
- 2026-04-28 Protective to Acquire Obsidian from Genstar Capital, Expanding into Specialty Property & Casualty Insurance
- 2026-02-25 Docupace Acquires InvestEdge; Appoints Data & Analytics Veteran Brian Filanowski as CEO
- 2025-11-11 Francisco Partners to Acquire Majority Stake in OEConnection from Genstar Capital
| Assets under management | $51bn Genstar Capital, in 2026 |
| Of that, the part reported to the US SEC as private funds | $48.8bn gross · 37 funds Form ADV, through 2024 |
Genstar Capital is a San Francisco private equity firm, founded in 1988. It focuses on the middle market. It invests in industrial technology, healthcare, software and financial services, and is owned by its staff. (Genstar Capital)
Asset classes
The range spans buyouts in financial services, software, industrials and healthcare.
The US-reported view
The sections below draw on US regulatory filings — SEC Form ADV and Form D — and on US investors' own disclosures. They set out Genstar's US-reported slice: the funds, service providers, domiciles and activity visible in US filings, not its worldwide business.
1. US-SEC private funds
This page reports $48.8bn of gross asset value across 37 private funds that Genstar reports on SEC Form ADV, filings through 2024. Its firm-wide figures are in the Assets summary at the top of this page, measured on a different basis.
A worldwide fund-vehicle roll-up is not available from the entity register for this manager.
| Registered fund vehicles worldwide (as at 2026-10-05) | not available |
| Management entities on file (US filings · worldwide register) | 1 · 0 |
| Principal offices on file | San Francisco, United States |
2. Service providers
EY audits 37 of the 37 Genstar funds that name an auditor on Form ADV Schedule D, filings through 2024 — more than any other firm. Apex administers 24 of the 24 that name an administrator, on the same filings. Relationships the filings attribute to Genstar's own group are part of its structure, not third-party appointments, and are left out of these counts.
Across the funds that disclose each role on Schedule D — the count is funds naming that provider, of funds disclosing the role at all:
| Fund administrator | Apex (24 of 24) |
| Auditor | EY (37 of 37) |
| Custodian | Merrill Lynch (35 of 37); Bank of America (19 of 37); J.P. Morgan (17 of 37) — and 3 more |
| Marketer / placement | Evercore Group L.L.C. (2 of 2) |
3. Fund domiciles
37 of Genstar's 37 SEC-reported private funds are domiciled in Delaware, its largest single domicile on Form ADV, filings through 2024. No other domicile appears in these filings.
4. Fund performance
Every figure here is a disclosing pension plan's own, on that plan's own reporting date. Nothing is blended into a manager-level return, because no plan published one.
Per-fund net IRR, multiple and DPI as disclosed by the pension plans invested in the funds — the LPs' own numbers, on their own dates, not the manager's. One row per plan disclosure. Where two plans hold the same fund and report different numbers, both rows show, with their dates:
| Fund | Plan | Net IRR | Multiple | DPI | Reported as at | Source |
|---|---|---|---|---|---|---|
| Genstar Capital Partners XI, L.P. | CalPERS | — | — | 0.08 | 31 December 2025 | CalPERS private equity fund performance |
| Genstar Capital Partners XI, L.P. | Oregon OPERF | — | 1.2 | 0.08 | 31 March 2026 | Oregon Treasury OPERF private equity portfolio |
| Genstar XI Opportunities Fund | Oregon OPERF | — | 1.24 | 0.02 | 31 March 2026 | Oregon Treasury OPERF private equity portfolio |
| Genstar XI Opportunities Fund I, L.P. | CalPERS | — | — | 0.02 | 31 December 2025 | CalPERS private equity fund performance |
| Genstar Capital Partners X, L.P. | CalPERS | — | — | 0.04 | 31 December 2025 | CalPERS private equity fund performance |
| Genstar Capital Partners X, L.P. | Oregon OPERF | 3.9% | 1.13 | 0.1 | 31 March 2026 | Oregon Treasury OPERF private equity portfolio |
| Genstar X Opportunities Fund I, L.P. | CalPERS | — | — | 0.06 | 31 December 2025 | CalPERS private equity fund performance |
| Genstar X Opportunities Fund I, L.P. | Oregon OPERF | 9.7% | 1.36 | 0.17 | 31 March 2026 | Oregon Treasury OPERF private equity portfolio |
| Genstar Capital Partners IX | Oregon OPERF | 23.8% | 2.19 | 1.07 | 31 March 2026 | Oregon Treasury OPERF private equity portfolio |
| Genstar IX Opportunities Fund I | Oregon OPERF | 19.3% | 2.13 | 1.05 | 31 March 2026 | Oregon Treasury OPERF private equity portfolio |
| Genstar Capital Partners VIII | Oregon OPERF | 22.7% | 2.56 | 1.23 | 31 March 2026 | Oregon Treasury OPERF private equity portfolio |
| Genstar VIII Opportunities Fund | Oregon OPERF | 18.6% | 2.64 | 1.4 | 31 March 2026 | Oregon Treasury OPERF private equity portfolio |
| Genstar Capital Partners V, L.P. | CalSTRS | 15.5% | 2.41 | 2.41 | 30 June 2025 | CalSTRS private equity performance report |
Young vintages sit in the J-curve: an early negative IRR mostly reflects fees drawn before value is realised, and is not a verdict on the fund.
5. Known LP investors, from their own disclosures
Oregon OPERF (8), CalPERS (4), CalSTRS (1) — the count is this manager's funds appearing in that plan's disclosure.
6. Management entities
Genstar files Form ADV through 1 management entity; the largest is Genstar Capital Management LLC, CRD 156932 of San Francisco, with 37 of the 37 funds on this page. Every figure above rolls those filers up into one business. The table below traces each of them back to the entity that filed it, so a number can be checked against its own record rather than taken on trust.
US management entities on file (1 entities — together the 37 funds above)
| Entity | SEC CRD | City | Funds of the 37 |
|---|---|---|---|
| Genstar Capital Management LLC | CRD 156932 | San Francisco | 37 |
7. Similar managers
Questions this page answers
What is Genstar's AUM?
Across the group it managed $51 billion in 2026. (Genstar Capital). It also reports $48.8bn of gross asset value across 37 private funds on its US SEC filings (Form ADV, through 2024).
Who audits Genstar's funds?
EY is named on 37 of the 37 US private funds whose filing discloses an auditor on Form ADV Schedule D (of Genstar's 37 filed with the SEC), filings through 2024.
Who administers Genstar's funds?
Apex is named on 24 of the 24 US private funds whose filing discloses an administrator on Form ADV Schedule D (of Genstar's 37 filed with the SEC), filings through 2024.
How have Genstar's funds performed?
Genstar Capital Partners IX returned a net IRR of 23.8% on a 2.19 multiple, as Oregon OPERF reported it for 31 March 2026. Genstar Capital Partners VIII returned a net IRR of 22.7% on a 2.56 multiple, as Oregon OPERF reported it for 31 March 2026.
Who invests in Genstar's funds?
Oregon OPERF (8 funds), CalPERS (4 funds) and CalSTRS (1 funds) name Genstar funds in their published disclosures. Coverage is limited to the plans this site follows, and a plan's absence says nothing about whether it invests.
How many funds does Genstar run?
Genstar reports 37 private funds on SEC Form ADV, filings through 2024, with $48.8bn of gross asset value. That is the count it reports to the SEC, not every vehicle it runs.
Where are Genstar's funds domiciled?
37 of the 37 funds are domiciled in Delaware, its largest single domicile on Form ADV, filings through 2024.
Where does Genstar file from?
Genstar Capital Management LLC, CRD 156932, its largest Form ADV filer, gives its office as San Francisco, United States. The other filers' offices are in the entity table on this page.
Is Genstar registered with the SEC?
Yes. Its filings run through 1 management entities, the largest being Genstar Capital Management LLC, CRD 156932, with 37 of the 37 funds here.
See also: all tracked managers · fund search & entity graph.