Sterling raises $2bn in latest mid-market focused fund

Houston-based The Sterling Group closed its Sterling Group Partners V, which was oversubscribed and closed at its $2 billion hard cap over a four-month span.

The majority of the capital was committed by returning investors, but several new investors helped the fund expand its base in the U.S., Middle East and Asia.

“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,” said Franny Jones, managing director, investor relations at the $4 billion firm.

Sterling’s previous fund closed in 2015 with $1.25 billion of investor commitments. Over four-decades the firm has primarily targeted corporate carve-outs and family businesses.

Sterling has sponsored the buyout of 56 platform companies and numerous add-on acquisitions for a total transaction value of more than $17 billion.

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