The Sterling Group Raises $3.5 Billion in Oversubscribed Sixth Private Equity Fund
HOUSTON, April 22, 2024 /PRNewswire/ -- The Sterling Group ("Sterling"), an operationally focused, industrial middle market private equity firm, is pleased to announce the closing of Sterling Group Partners VI, LP (together with its parallel fund, "Fund VI"). Fund VI exceeded its target of $2.75 billion and was significantly oversubscribed at its hard cap of $3.5 billion. Sterling's previous fund closed in June 2020 with $2.0 billion of limited partner commitments.
The majority of Fund VI's capital was committed by returning investors. Sterling welcomes several new investors that expand the firm's Limited Partner base in the United States, Europe, the Middle East and Asia. "Sterling has a four-decade track record of value creation across the economic cycle," added Franny Jones, Partner, Investor Relations. "The secular tailwinds underpinning today's industrial middle market, when combined with our proven Seven Lever value creation strategy, present tremendous opportunities for Fund VI."
Consistent with Sterling's successful history over four decades, Fund VI will primarily target corporate carve-outs and family businesses in the industrial sector. The firm emphasizes its operational approach in partnership with management teams to grow and improve its portfolio companies. Sterling's partner group, including Greg Elliott, Brian Henry, Scott MacLaren, Brad Staller, Kent Wallace, Jim Apple, Franny Jones and Jud Morrison have a collective 100-plus years working at Sterling.
Evercore Private Funds Group acted as the exclusive global placement agent, and Kirkland and Ellis, LLP served as fund counsel.
About The Sterling Group
Founded in 1982, The Sterling Group is a private equity and private credit investment firm that targets investments in basic manufacturing, distribution, and industrial services companies. Typical enterprise values of these companies at initial formation range from $100 million to $750 million. Sterling has sponsored the buyout of 71 platform companies and numerous add-on acquisitions for a total transaction value of over $24 billion. Sterling currently has $9.4 billion of assets under management. For further information, please visit www.sterling-group.com.
Past performance is no guarantee of future results and all investments are subject to loss.
SOURCE The Sterling Group, L.P.
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