Gryphon Investors

Golden Gate Bridge, San Francisco, California, USA


Primary commitment

Key Stats

  • Commitment date: April 2019
  • Region: North America
  • Strategy: Mid-market buyouts
  • Focus: Business services, consumer, healthcare and industrial growth
  • Fund size: $2.1bn
Long-established US manager based in San Francisco


Gryphon Investors is a long-established US manager based in San Francisco focused on business services, consumer, healthcare and industrial growth. We invested in its fifth fund, which by the time of its final close was already over half invested. This allows us to diligence the underlying investments, as well as to deploy capital more efficiently. Gryphon has a highly focused, thematic origination approach which seeks to identify companies within tightly defined sub-sectors which have characteristics aligned with our defensive growth focus. Shortly after committing to the fund, we co-invested in a Gryphon V investment, RegEd.

Investment Rationale

  • Experienced senior team with deep experience through market cycles
  • Strong and consistent track record
  • High degree of strategic alignment with ICG Enterprise Trust
  • Focus on ‘defensive growth’ assets
  • Late stage primary