Gulmohar Capital Partners has announced the formation of GRCS Trust, a permanent-capital vehicle launching with $30m of initial committed capital to pursue a buy-and-build strategy across the governance, risk, compliance, and security ecosystem.
The newly launched platform is designed to acquire and scale lower mid-market software businesses operating across data governance, risk management, compliance and security. GRCS Trust will act as a control sponsor, using committed capital and prudent leverage to support both initial acquisitions and larger strategic add-ons as the platform expands over time.
GRCS Trust is structured to serve as a permanent home for founder-led and institutionally relevant software businesses. Its mandate centres on building a unified operating platform for the offices of the CIO and CISO, integrating data governance, risk oversight, compliance workflows and security operations into a single foundation.
The approach is aimed particularly at organisations where these responsibilities are distributed rather than centralised, helping to eliminate operational blind spots created by fragmented point solutions.
The platform’s anchor investment is CurrentWare, a Toronto-based endpoint visibility, workplace monitoring, productivity and insider-risk platform. The business provides device, user and data controls for mid-market IT and compliance teams and was acquired in March 2025.
GRCS Trust is backed by anchor investors Peterson Partners and M²O, alongside lead investors Next Coast Legacy, Aspect Investors, Applied Equity, Amplify SG, Highland Creek Partners and TD Investment Company, as well as a wider group of institutional investors, family offices and UHNW partners.
The firm is targeting majority investments in software companies with approximately $2–20m of recurring revenue, strong customer retention and mission-critical products serving CIOs and CISOs.
Sumit Aneja, co-founder and co-CEO, said, “GRCS Trust gives us the flexibility to hold companies long-term, reinvest cash flows, and build a unified platform without traditional fund constraints. We acquire profitable software companies and scale them through commercial excellence, shared technology, and disciplined capital allocation
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