Middle market private equity firm
Genstar Capital
- HeadquartersSan Francisco, CA S5
- Websitegencap.com
- Last verifiedOctober 20, 2026
At a glance
| Assets under management | $51B (as of Sep 2026) S4 |
|---|---|
| Latest fund | Genstar Capital Partners XI, $12.6B (Apr 2023) S5 |
| Deal types | Platform, Add-on, Growth S5 |
| Geography | North America S5 |
| Sectors | Software & SaaS, Insurance Brokerage, Wealth Management, Healthcare Services, Accounting & Professional Services, Industrial & Manufacturing, Distribution, HVAC, Plumbing & Electrical |
What Genstar Capital buys
Genstar Capital is a San Francisco private equity firm that manages about $51 billion from a single office. It invests in four industries: financial services, which for Genstar means insurance distribution, wealth and asset management and the software that serves them; vertical software; healthcare; and industrials. Its eleventh fund closed at about $12.6 billion in 2023, and it makes control investments in middle market companies based mainly in North America. The pages that would show any size criteria were down when we checked, but its recent deals involve large, established businesses such as First Eagle Investments and Ascensus.
Genstar does not always take full control. Its 2026 growth investment in accounting firm Richey May left the earlier investor and management with large stakes, and it owns Ascensus in equal shares with Stone Point Capital. A smaller company is most likely to meet Genstar as an add-on to one of its platforms, as Bryant Consultants did by joining Aperture in 2025.
Recent deals
Announced in the 24 months before October 20, 2026.
| Date | Company | Type | Sector | Source |
|---|---|---|---|---|
| Sep 2026 | Richey MayGrowth investment with Aksia in a Denver accounting and advisory firm; F3 Partners and management keep large stakes | Growth | Accounting & Professional Services | Source |
| Aug 2026 | First Eagle InvestmentsAgreed sale of the asset manager to Victory Capital | Exit | Source | |
| Aug 2026 | Oncourse Home SolutionsAgreement to buy the home infrastructure warranty provider from Apax Funds | Platform | Source | |
| Aug 2026 | AscensusReturned as co-owner, in equal shares with Stone Point Capital, of the savings plan services firm it backed from 2015 to 2021 | Investment | Source | |
| Apr 2026 | ObsidianAgreed sale of the specialty insurance platform to Protective Life | Exit | Source | |
| Feb 2026 | InvestEdgeCompliance software maker for bank trust departments and advisors, added to Docupace | Add-on | Software & SaaS | Source |
| Dec 2025 | Diamond Hill Investment GroupFirst Eagle agreed to buy the listed investment manager for $175 a share in cash | Add-on | Source | |
| Nov 2025 | OEConnectionAgreed sale of a majority stake in the automotive parts software company to Francisco Partners | Exit | Software & SaaS | Source |
| Oct 2025 | Valkyrie Clinical TrialsFlourish Research made a strategic investment in a Los Angeles network of oncology research sites | Add-on | Healthcare Services | Source |
| Sep 2025 | Bryant ConsultantsTexas geotechnical and forensic engineering firm added to Aperture | Add-on | Accounting & Professional Services | Source |
| Jun 2025 | PlayMetricsYouth sports club management software, bought from Blue Star Innovation Partners and PSG | Platform | Software & SaaS | Source |
| Mar 2025 | First Eagle InvestmentsAgreement to buy a majority stake in the New York asset manager | Platform | Source | |
| Jan 2025 | ApertureMajority investment in an Arlington, Texas forensic engineering and expert witness firm | Platform | Accounting & Professional Services | Source |
Portfolio by sector
From the firm's portfolio page S2.
Financial Services
- ACA Group Current
- Alera Group Current
- AmeriLife Current
- Amwins Group Current
- Aperture Current
- Apex Group Current
- Ascensus Current
- Cerity Partners Current
- Cetera Financial Group Current
- Docupace Current
- First Eagle Investments Current
- Jet Support Services, Inc. Current
- Likewize Current
- MASA Global Current
- Mercer Advisors Current
- Obsidian Current
- Orion Advisor Solutions Current
- Richey May Current
Financial Services / Healthcare
- Association Member Benefits Advisors Current
Healthcare
- Advarra Current
- Flourish Current
- Signant Health Current
Healthcare / Software
- ConnectiveRx Current
Industrials
- Arrowhead Engineered Products Current
- Brook + Whittle Current
- Clarience Technologies Current
- mSupply Current
- OTC Industrial Technologies Current
- SEER Current
- Sonny’s Enterprises Current
- Tekni-Plex Current
- TERREPOWER Current
Software
- 8am Current
- Bullhorn Current
- Cyncly Current
- Daxko Current
- Inside Real Estate Current
- insightsoftware Current
- Lightspeed Systems Current
- OEConnection Current
- PDI Current
- PlayMetrics Current
- Procure Analytics Current
- Prometheus Group Current
- Vector Solutions Current
Software / Financial Services
- Numerix Current
Greymont’s take
How Genstar Capital fits a seller
Genstar suits owners of recurring-revenue businesses in insurance distribution, wealth management, financial software, vertical software or healthcare services. Its platforms are large, so for most founder-owned companies the realistic path is an add-on, such as an agency joining Alera Group or AmeriLife, or an engineering or expert firm joining Aperture.
Accounting firm owners should look at the September 2026 Richey May deal, which uses an alternative practice structure: Genstar holds no equity in the licensed audit business. Genstar can stay invested for a long time, with Mercer Advisors and ConnectiveRx held since 2015, and it came back to Ascensus in 2026 after owning it from 2015 to 2021. An owner should ask which platform would be the actual buyer and how long Genstar expects to hold it.
Questions owners ask
Does Genstar buy insurance agencies and wealth management firms?
Yes, mainly through its platforms. Current financial services holdings include the insurance brokers and distributors Alera Group, Amwins, AmeriLife and Association Member Benefits Advisors, and the wealth managers Mercer Advisors, Cerity Partners and Cetera Financial Group.
Does Genstar invest in accounting firms?
Yes. In September 2026 Genstar and Aksia made a growth investment in Richey May, a Denver accounting and advisory firm. Earlier investor F3 Partners and management kept significant stakes, and under an alternative practice structure Genstar has no equity in the firm's attest business.
Will Genstar look at a smaller company?
Usually as an add-on rather than a new platform. Recent add-ons include Bryant Consultants joining Aperture in September 2025, Flourish Research's investment in Valkyrie Clinical Trials in October 2025 and InvestEdge joining Docupace in February 2026.
Does Genstar own home services companies?
Yes. SEER, a Seattle provider of heating, cooling, electrical and plumbing services held since 2023, is a current industrials holding. In August 2026 Genstar also agreed to buy Oncourse Home Solutions, which sells warranties on home water, sewer, gas and electric lines.
Sources
- S1Genstar Capital home page Accessed October 20, 2026
- S2Genstar Capital: Companies Accessed October 20, 2026
- S3Genstar Capital: News Accessed October 20, 2026
- S4Genstar Capital Makes Growth Investment in Richey May (September 14, 2026) Accessed October 20, 2026
- S5Genstar Capital Closes Fund XI With $12.6 Billion of Committed Capital (April 27, 2023) Accessed October 20, 2026
- S6Genstar Capital news feed (full text of the ten latest releases) Accessed October 20, 2026
- S7Genstar Capital releases on PR Newswire Accessed October 20, 2026
Compiled by Greymont Advisors from public sources, including the firm’s own website and press releases. Greymont is not affiliated with Genstar Capital. Figures are as reported on the dates shown and may have changed. Request a correction