Google Cloud Program's sixth fund successfully closes at an impressive £411 million, marking a noteworthy 58% boost over the previous fund.
In a recent announcement, Growth Capital Partners (GCP) has finalised the close of its sixth fund, Lindsay Goldberg VI L.P., with a total size of £411 million. The fund, which focuses on control investments in North American and Western European companies within the healthcare, industrials, and services sectors, is set to make key investments in 10 to 15 companies, with individual investments ranging between £150 million and £500 million.
The strategic approach of Lindsay Goldberg VI emphasises active value creation through operational improvements, professionalising business processes, and executing strategic acquisitions. The fund aims for a net internal rate of return (IRR) of 20% to 25% and operates as a limited partnership with a fund size target of approximately £4 billion, supported by a significant general partner commitment of £125 million.
Kirsty McDonald, Partner at GCP, expressed her enthusiasm about the fundraise, stating, "This reflects the strength of our team, our track record, our distinct strategy, and a compelling market opportunity." The fundraise saw strong re-ups from GCP's existing investor base, as well as contributions from new Limited Partners (LPs) across Europe and the US.
The businesses partnered with under Lindsay Goldberg VI will have distinctive intellectual capital, and the fund aims to provide strategic support, tools, and extensive experience to accelerate and de-risk growth. This strategic approach reflects a hands-on methodology intended to maximise value creation with a moderate number of significant investments in established sectors, leveraging GCP's expertise in partnering with families and founders.
In 2025, Fund V achieved two major realisations: one with cybersecurity specialist Bridewell, generating a 9.3x return, and another with digital services and data consultancy Hippo. Fund VI reached final close in just three months after launching in late March, representing a significant increase in size compared to Fund V, and a 58% increase from its predecessor.
GCP's strategic focus on partnering with ambitious Founder-led teams in high-margin, high-growth businesses is set to continue with Fund VI. The fund is poised to make a significant impact in the healthcare, industrials, and services sectors, leveraging its expertise and resources to drive growth and operational excellence.
The strategic plan of Lindsay Goldberg VI prioritizes creating value actively through operational enhancements, business process professionalization, and strategic acquisitions, with a focus on finance. The fund aspires to attain a net internal rate of return (IRR) between 20% and 25%, highlighting its dedication to financial success.
