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Genstar Capital commits to earthquake insurance provider Palomar

27 Jan 2014

earthquakeMid-market private equity investor Genstar Capital has reportedly led a $75m equity investment in earthquake insurance business Palomar Specialty Insurance.

Genstar committed most of the equity according to Dow Jones, which said the rest came from Palomar’s management team.

The firm is currently investing out of its sixth fund, which is believed to have closed around its reduced $1bn target.

Genstar had collected $900m for the sixth fund in May 2012, but never revealed details of a final close.

It had initially hoped to raise $1.5bn but cut the target amid the tricky fundraising market.

Last summer Genstar sold clinical research organization PRA to buyout major KKR after six years of ownership.

Financial terms were not disclosed, but the New York Times said the business was sold for $1.3bn, which matched the firm’s reported asking price.

KKR had to compete with Warburg and Cinven, whose bids also were shortlisted by the owner.

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