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Laxman Pai, Opalesque Asia: Operationally focused middle-market private equity firm the Sterling Group has closed its fifth flagship private equity fund on a $2 billion hard cap, exceeding a predecessor that raised $1.25 billion in 2015.
Founded in 1982 and based in Houston, Sterling is a middle-market firm that typically invests in manufacturing, distribution and industrial services companies with enterprise values ranging between $100 million and $750 million.
The majority of Fund V's capital was committed by returning investors, said a press release. Sterling welcomes several new investors that expand the firm's Limited Partner base in the United States, the Middle East and Asia.
"The Sterling team is grateful for the continued support of our long term investing partners, particularly in the midst of an extremely difficult market environment," said Franny Jones, Managing Director, Investor Relations.
"The demand for Fund V is a result of Sterling's hands-on, operational approach to transforming industrial businesses and our firm-wide commitment to continuous improvement in all aspects of our business," Franny added.
Consistent with Sterling's successful history over four decades, Fund V will primarily target corporate carve-outs and family businesses. The firm emphasizes its operational approach in partnership with management teams to grow and improve its portfolio companies.
Sterling's previous fund closed in 2015 with $1.25 bil...................... To view our full article Click here
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