Sterling Investment Partners closes Fund II with $545 million
Monday, October 17
Westport, CT – Sterling Investment Partners (“Sterling”), a private equity firm, announced today that it has completed raising capital for Sterling Investment Partners II, L.P. (“Sterling Fund II”) with $545 million of new capital commitments. This surpassed Sterling’s target of $400 million and brings Sterling’s total capital under management to over $800 million. Credit Suisse First Boston served as placement agent.
Sterling’s existing investors showed strong support for Sterling Fund II, comprising almost 50% of the capital for the new fund. John Morris, a Managing Director at HarbourVest commented, “We have enjoyed our partnership with Sterling in its first fund and look forward to sharing in their success through Sterling Fund II.”
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.
Brian Buenneke, a Vice President with Pantheon Ventures, noted, “We are pleased to have embarked on this new partnership with Sterling which has an exceptionally cohesive team that has a 14-year track record of consistently producing superior results in the middle market.”
Douglas Newhouse, a Managing Partner of Sterling commented, “We are extremely pleased with the diversified group of institutional investors that came into Sterling Fund II, the success of our fundraising and the speed in which we raised our new fund. We look forward to continuing to work toward providing superior returns to our investors. We also appreciate the excellent performance of Credit Suisse First Boston in helping us raise our new fund.”
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.
Charles W. Santoro, a Managing Partner of Sterling explained, “Our portfolio companies are typically promising middle-market businesses that may suffer from a lack of critical resources in variety of respects including professional management systems and tools, market research and information, and access to capital for both internal growth and acquisitions. We provide active, hands-on financial and strategic support to significantly grow their businesses.”
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 $4.0 billion, representing over 45 companies. Sterling maintains a broad industry focus, including professional and business services, manufacturing, transportation and logistics, and technology-related businesses.