In this paper, closed-form expressions for the capacities per unit bandwidth for Generalized Rayleigh fading channels are derived for optimal power adaptation, constant transmit power, channel inversion with fixed rate, and truncated channel inversion adaptation policies. The closed-form solutions are derived for the single antenna reception (without diversity combining) and MRC diversity reception cases. Optimal power adaptation policy provides the highest capacity over the other adaptation policies both with and without diversity combining. Truncated channel inversion policy suffers a large capacity penalty relative to the optimal power adaptation policy as the number of degrees of freedom is increased. However, with increase in diversity, the capacity penalty for the truncated channel inversion policy decreases. Capacity gains are more prominent for channel inversion with fixed rate policy as compared to the other adaptation policies.