December 20, 2013 - Westport, CT – Sterling Investment Partners ("Sterling") announced today that it has completed raising capital for Sterling Investment Partners III, L.P. (“Sterling Fund III”) with $721 million of new capital commitments.
This surpassed Sterling’s target of $600 million and brings Sterling’s total capital under management to approximately $1.0 billion. Park Hill Group served as placement agent.
Sterling’s existing investors showed strong support for Sterling Fund III, comprising close to 50% of the capital for the new fund. Existing investors were joined by a leading group of new investors from around the world including fund of funds, insurance companies, corporations, banks and endowments.
Sterling will continue to invest in middle-market companies with the same investment criterion that has generated its past success. Sterling seeks to provide capital for change, targeting investments with identifiable opportunities for significant growth and value creation, where Sterling can partner with management to help them identify, prioritize and pursue initiatives to enhance performance, build the company and create value.
Sterling Investment Partners is a leading private equity firm focused on the middle market. Sterling invests in companies with significant competitive strengths and growth potential. Founded in 1991, Sterling has completed investments, strategic or add-on acquisitions, and liquidity events with an aggregate transaction value of approximately $10.3 billion, representing over 100 transactions. Key industries Sterling focuses on included business services, industrial and consumer value added distribution, niche manufacturing and transportation and logistics. www.sterlinglp.com