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Laxman Pai, Opalesque Asia: New York-headquartered growth-oriented alternative investment firm New Mountain Capital closed its seventh fund at $15.4 billion, exceeding hard cap with help from the largest-ever GP commitment.
The fund hit its $14 billion hard cap and includes a $1.4 billion general partner commitment, New Mountain's largest general partner commitment to date, said a media release from the private equity firm.
Fund VII exceeds the prior fund, New Mountain Partners VI, which closed in 2020 at $9.6 billion. The preceding fund was also oversubscribed and is currently fully invested.
Investors in Fund VII include approximately 400 of the world's leading pension funds, insurance companies, sovereign wealth funds, asset managers, foundations, endowments, family offices, RIAs, and high-net-worth individuals, among others.
In addition, the General Partner is the largest investor in the Fund, representing strong GP/LP alignment. Most Fund VI investors returned as investors for Fund VII, and the firm also added approximately 100 new investors globally.
"We thank our Limited Partners for their friendship and support," said Steve Klinsky, Founder and CEO of New Mountain. "Since our founding nearly 25 years ago, New Mountain has sought to consistently 'build great businesses' in carefully chosen acyclical growth sectors. We are proud of the firm and team we have built, as we seek to build and improve businesses across market cycles. We strive to conti...................... To view our full article Click here
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