Gemspring Capital Management, LLC
Gemspring provides flexible capital solutions to lower middle market companies headquartered primarily in the United States and Canada. We partner with industry leaders with growth potential that will benefit from our support and expertise.
- Regulatory AUM
- $5.1B
- PE fund assets
- $5.1B
- PE funds
- 15
- Investments held
- 30 of 30
- Deals, last 12 months
- 13
5 additional team members, 6 additional counterparties and placement agents, 43 additional funds, deals and LP commitments, 8 events
Every relationship, signal and contact on this record, with the source on each.
Includes 3 days of DFX Intelligence. Then $199/month unless canceled.
Nothing material in the last 180 days. Last change: 31 Mar 2026, Private equity funds on its Form ADV went from 12 to 15 (+3).
People to know
View all people- Founder And CeoWhy: Founder of the firmNo route on file yet
- Managing DirectorWhy: Managing directorProfile
- Managing DirectorWhy: Managing directorProfile
Capital path
who backs this record, through what, into what; each name opens its own path- Acalyx Advisors Inc.placement agent, 8 shared
- Asante Capital Group Advisors LLCplacement agent, 4 shared
Relationship network
84 connected entities25 observed deals6 dated deals shown here, 2023 to 2026
From announced deals and their parties, Form ADV and Form D filings, the firm's funds and team, and disclosed LP commitments in the private equity graph. Dollar figures appear only where a source disclosed one.
Some relationships on this record are counted rather than named here. They open with the full profile.
Click any name or line for the deals and sources behind it. Line weight is deals together; dashed lines are inferred.
- Company
- Sponsor
- Service provider
- Fund or vehicle
- Person
›How strength and recency are read
Strength is read from the deals: three or more is a strong observed relationship, two a repeat counterparty, one a single interaction. People and vehicles are structural. Nothing is scored that a reader cannot check.
Darker lines were active in the last 24 months or are current; lighter lines are older or undated.
Classification, Form ADV and stated criteria
Classification, Form ADV and stated criteria
How this organization is classified, and on what basisGrowth equity · 2 in historyShowHide
- Class
- Growth equityprobable, confidence 70%
- Basis
- 5 of 10 private equity vehicles are named growth
- Size band
- Upper middle marketdefined by: proxy: $5.14bn Private Equity Fund GAV on the Form ADV filed 2026-03-31
- Strategies
- Growth equity
Classification history (2)
- Sep 23, 2026Growth equity (probable, 70%)5 of 10 private equity vehicles are named growth
- Sep 13, 2026Buyout firm (confirmed, 85%)12 of 12 distinct vehicles are sworn Private Equity Funds; 12 reported gross assets on a filing in 2022 or later
Regulatory footprint (Form ADV)RAUM $5.1B · 15 PE funds · filed Mar 31, 2026ShowHide
- Adviser type
- Registered investment adviser
- Form ADV filings
- Sep 6, 2016 to Mar 31, 2026
- RAUM
- $5.1Bregulatory assets under management of the adviser; not dry powder, not a fund size
- PE funds, latest filing
- 15
- PE fund GAV, latest filing
- $5.1Breported gross assets (Form ADV), not fund size
- All private fund GAV
- $5.1Bevery private fund type, latest filing
- 2024 PE fund GAV
- $5.2Bsum over funds typed Private Equity Fund with a 2024 or later as-of date
- PE share of funds, lifetime
- 100%
- Fund type mix
- Private equity fund: 15 funds, $5.1B reported gross assets, 16 ever reported
- Employees
- 64
- Headquarters
- Westport, CT
Stated criteria beside observed behaviour4 of 8 criteria stated · 31 observed dealsShowHide
- Sectors
- Software, industrial services, industrials, distribution, technology, infrastructure, media telecom, manufacturing, healthcare, consumer, real estate, transportation logistics and 11 more
- Geography
- Global, Europe
- Revenue
- not stated or not yet read
- EBITDA
- not stated or not yet read
- Enterprise value
- not stated or not yet read
- Equity check
- not stated or not yet read
- Control
- Control, majority, minority
- Thesis
- We partner with industry leaders with growth potential that will benefit from our support and expertise.
- On record
- 31 companies, 30 holdings, 25 transactions
- Period
- 2023 to 2026 (49 dated observations, 6 holdings undated)
- Most deals
- Tech enabled services (5 of 31, e.g. Reverse IT B.V and Vista Technology Support), specialty distribution (3 of 31), industrial services (2 of 31) and 2 more
- Subsectors
- IT services (3 of 31), fire and life safety services (1 of 31), professional equipment wholesale (1 of 31), endpoint device lifecycle services (1 of 31) and 4 more
- Deal roles
- 7 platforms, 22 add-ons, 1 with role not stated
- Add-ons per platform
- 3.14 add-ons per platform
- Control
- 23 control, 7 not stated
- Where
- Fl (3 of 31), ma (1 of 31), oh (1 of 31), nj (1 of 31), tn (1 of 31)
- By year
- 2023: 2 platforms, 5 add-ons; 2024: 2 add-ons; 2025: 4 add-ons; 2026: 11 add-ons, 1 other deal
31 companies on the graph (25 transactions); most in tech enabled services (5); 7 platforms and 22 add-ons; observed 2023 to 2026
Funds
How vehicles are groupedFeeders, parallels, executive funds, alternative investment vehicles and lettered sleeves are folded under the fund they belong to, read from the vehicle names. Deal-by-deal co-investment vehicles are pooled. Current funds come first: families are ordered by vintage, newest first, among those holding at least a twentieth of the largest family’s assets, then by size. The figure is the sum of each vehicle’s latest reported gross assets on Form ADV, not a fund size.Gemspring Growth Solutions II · 3 vehicles · vintage 2025$1.1B
- Gemspring Growth Solutions II Growth fund$717M
- Gemspring Growth Solutions II-A Growth fund$383M
- Gemspring Growth Solutions Executive II Growth fund$11.5M
Decision makers
- Bret D Wiener · Founder And CeoWhy this person: Founder of the firm; Named with investment responsibility
- Alex Funk · Managing DirectorWhy this person: Managing director; Named with investment responsibilityLinkedIn or profile link on file (their bio on the firm's website), confirmed 2026-10-01, confidence 90%
- Alex Shakibnia · Managing DirectorWhy this person: Managing director; Named with investment responsibilityLinkedIn or profile link on file (their bio on the firm's website), confirmed 2026-10-01, confidence 90%
Ranked by the role the firm or its filing states, a route on file and deals led. Every reason is read from the record, never inferred. 2 with a route on file. Routes are published by the person or the firm (their bio, the team page or a filing) and are revealed on a plan; data bought from a provider is never shown, and a route printed at a firm the person has since left is held back.
Team
Where the team comes fromEach row names its source in short; hover the source for its full description. Sources on this list: SEC Form ADV filing data 2011 to 2024 (Schedule D 7.B.(1) private funds, Schedules A/B, 1.I websites); The deal's own announcement page (press release, sponsor, lender or law firm news page). A person named by two sources under two spellings is shown once, with both sources.- Founder And Ceo · since Oct 1, 2015
- Managing Director
- Managing Director
Deals
How deals are mergedOne row per deal. A portfolio relationship and a transaction that describe the same deal (the same transaction, or the same company on the same date) are printed once, with the columns of both. 30 portfolio relationships and 25 transactions are on this record.| Date | Company | Deal | This firm’s role | Status | Partner | Source |
|---|---|---|---|---|---|---|
| Sep 30, 2026 | Fentron add-on to TRG | Add-on acquisition | Sponsor (confirmed) | active held under a month | unknown | prnewswire.com |
| Sep 16, 2026 | Vista Technology Support add-on to TRG | Add-on acquisition | Sponsor (confirmed) | active held 1 month | unknown | prnewswire.com |
| Sep 3, 2026 | New Tech Global Businesses add-on to Airswift | Add-on acquisition | Sponsor (confirmed) | active held 1 month | unknown | prnewswire.com |
Portfolio credit
Where these figures come fromPortfolio companies matched to a BDC borrower by an identity-graded bridge, read from each BDC’s own schedule of investments: the lenders’ marks, their accrual footnotes, PIK and maturities. Observed, never forecast. Firms whose own BDC lends to the company are left out.- Principal held
- $13.1M
- 1 lenders
- Weighted mark
- 100.9
- unchanged on the quarter, same 1
- Non-accrual now
- 0
- 0 placed at Jun 30, 2026
- Marked down
- 0
- 2 pts or more on the quarter
- Maturing in 12 months
- 0
- none stated
- 1 portfolio company on a BDC schedule at Jun 30, 2026: 0 with ownership stated current, 1 listed on a portfolio page with no date or status.
- Lenders mark them at 100.9 on cost, weighted by principal (1 borrower with a mark inside the plausible band).
- On the 1 borrower marked at both Mar 31, 2026 and Jun 30, 2026, the weighted mark moved 0 points; 0 fell 2 points or more and 0 rose 2 points or more.
Show the credit outlook: 1 borrowers, 1 lenders, 8 quartersas of Jun 30, 2026
1 borrower is in every figure above and named with Private Credit Intelligence.
1 lender is counted here and named with Private Credit Intelligence.
| Quarter end | Held | Principal | Mark | Non-accrual placed | PIK added or up |
|---|---|---|---|---|---|
| Sep 30, 2024 | 1 | $13.3M | 101.4 | 0 | 0 |
| Dec 31, 2024 | 1 | $13.5M | 101.3 | 0 | 0 |
| Mar 31, 2025 | 1 | $13.6M | 101.2 | 0 | 0 |
| Jun 30, 2025 | 1 | $13.8M | 101.1 | 0 | 0 |
| Sep 30, 2025 | 1 | $13.8M | 98.7 | 0 | 0 |
| Dec 31, 2025 | 1 | $13.8M | 98.6 | 0 | 0 |
| Mar 31, 2026 | 1 | $13.1M | 100.8 | 0 | 0 |
| Jun 30, 2026 | 1 | $13.1M | 100.9 | 0 | 0 |
A look back at today’s portfolio companies, not a record of what the sponsor owned then. Mark is fair value over cost across every position inside the plausible band.
- A mark is the lender's own fair value over cost for the quarter. Below 90 means the lender carries the loan at a discount of 10 or more on the dollar; it is that lender's valuation, not DFX's.
- Two lenders on the same facility 10 points apart are valuing the same loan differently; which one is right is not something a schedule of investments says.
- Non-accrual is read from the BDC's own footnote, never inferred from a mark. PIK is interest the borrower pays in more debt rather than cash.
- No forecast is made here. DFX does not publish a default or distress prediction for a sponsor.
Population: portfolio companies matched to a BDC borrower by an identity-graded bridge, on a BDC schedule of investments at Jun 30, 2026, ownership not recorded as exited. Firms whose own BDC lends to the company, and private credit managers, are left out: that is lending, not ownership. Marks, principal and accrual status are the BDCs' own filed figures; the quarter before is Mar 31, 2026.
Placement agents, lenders, advisers and co-investors
- Acalyx Advisors Inc. 8 shared · very strong · last Jan 1, 2022
- Asante Capital Group Advisors LLC 4 shared · strong · last Sep 26, 2025
- Gemspring Growth Solutions I 1 shared · one time · last Sep 27, 2023
Placement agents by fund generation
| Agent | Funds | Years | Strategies | Latest generation |
|---|---|---|---|---|
| Asante Capital Group Advisors LLC | 4 | vintage 2023 | Growth | on it |
| Acalyx Advisors Inc. | 8 | vintages 2016 to 2022 | Growth | on it |
| Jefferies LLC | 1 | reported 2024 | not stated | not on the vintage 2023 generation |
From Form ADV Schedule D, which names the placement agents on each private fund an adviser reports, year by year.
LP commitments
How LPs are totalledOne line per LP, largest disclosed total first. A commitment that the same LP reports again in a later document is counted once in its total; both documents stay in the full list. Rows repeated line for line from one document are shown once.Events
- Jul 29, 2026Gemspring Capital Announces Partnership with Key Line Construction and Palouse Power to Create a Leading Utility Infrastructure Services Platform
- Mar 31, 2026Gemspring Capital Management, LP: Private Equity Funds on Form ADV 12 (2024 extract) -> 15 (roster 2026-09-01)
- Oct 23, 2023Gemspring Capital Acquires InflowCX and Combines with Portfolio Company Amplix to Create a Leading Provider of Technology Advisory Services
- Sep 27, 2023Gemspring Capital Management, LP was co sponsor on Grand Valley Holdings, LLC's platform acquisition of OCI, LLC
- Sep 6, 2016Gemspring Capital Management, LLC first filed Form ADV in the extract (IA)
Gemspring Capital Management, LLC is the same institution as 3 records in Independent Sponsors, RIA and Wealth and Private Credit.
DFX found 3 relationships across 3 datasets
Which record it is in each graph, what it is called there, and how the two were matched.
Includes 3 days of DFX Intelligence. Then $199/month unless canceled.
Checking your plan…
Gemspring Capital Management, LLC sits on 2 traced paths of capital across the graphs.
DFX traced 2 paths of capital through this record
Every record on each path, what it committed or lent, and as of when.
Includes 3 days of DFX Intelligence. Then $199/month unless canceled.
Derived from allocator disclosures, BDC schedules and SEC filings; confidence is the weakest hop.
Checking your plan…
Fits
- Buyer for a companyscore 38.8confidence 40%Why: potential strategic fit; same subsector; transition signalWhy now: active add on cadence; sponsor fund early deployment; sponsor fund successor fundraisingWatch: outside observed footprint; thin thesis
Scored by DFX match engines from the record's observed portfolio, stage, geography and recent activity. A fit is a reason to look, not a mandate; the blockers say what the model could not confirm. Names and the evidence sentences show with the names on this page.
Record history
- Platform investment2026-07-29source on record
- PE fund count changed2026-03-31source on record
- Fund final close2025-09-30source on record
+13 more changes on this record's ledger
Includes 3 days of DFX Intelligence. Then $199/month unless canceled.
The ledger records every merge, rename and reclassification this record went through and the dated filings observed on it, so the identity on this page can be traced to the records it was built from. The ledger's own sentences name other records, so they show with the names.