Overview
For purposes of this brochure, the “Adviser” means GTCR LLC, a Delaware limited liability
company (“GTCR”), together (where the context permits) with certain of its affiliates that serve as
general partners (the “General Partners”) to, or that provide advisory services to and/or receive
advisory fees from, the Funds (as defined below). Such affiliates may or may not be under common
control with GTCR, but possess a substantial identity of personnel and/or equity owners with
GTCR. This brochure describes the business practices of GTCR and such affiliates, which together
operate as a single advisory business. The Adviser has no principal owners (i.e., owners of over
25%).
The Adviser provides investment advisory services to investment vehicles (the “Funds”) that are
exempt from registration under the Investment Company Act of 1940, as amended (the “1940
Act”), and whose securities are not registered under the Securities Act of 1933, as amended (the
“Securities Act”).
The Funds primarily seek to make equity, equity-like, debt and debt related investments. The
Adviser may recommend other types of investments consistent with a respective Fund’s investment
strategy and objectives. The Adviser’s advisory services mainly consist of investigating,
identifying and evaluating investment opportunities, structuring, negotiating and making
investments on behalf of the Funds, managing and monitoring
the performance of such investments
and disposing of such investments.
The Adviser provides investment advice directly to the Funds and not to investors in the Funds
individually. The applicable General Partner of each Fund retains investment discretion, and
investors in the Funds do not participate in the control or management of the Funds. The Adviser
provides investment advisory services to each Fund in accordance with the investment advisory or
investment management agreement (each, an “Advisory Agreement”) for such Fund and/or the
offering and organizational or governing documents (collectively, the “organizational documents”)
of such Fund. Investment restrictions for the Funds, if any, are generally established in the
organizational documents of the applicable Fund.
Additionally, the Adviser has and expects in the future to offer co-investment or co-bid
opportunities to certain investors or other persons. Such opportunities typically involve the
investment and disposal of interests in the applicable portfolio company at the same time and on
substantially the same terms as the Funds making the investment (except as described herein under
Item 11 with respect to post-closing sell-downs).
The Adviser and its predecessors have been in business since 1980. As of December 31, 2023, the
Adviser manages a total $39,877,752,276, all of which is managed on a discretionary basis.