New Mountain Capital Raises $6.15B For Oversubscribed Fifth PE Fund

Sep 28 2017 | 3:08pm ET

New York-based alternative investment firm New Mountain Capital has raised $6.15 billion in capital commitments for its fifth buyout fund, easily surpassing the initial target of $5 billion. 

The new fund, named New Mountain Partners V, closed with $5.85 billion of third party limited partner commitments and approximately $300 million from the GP and affiliates, the company said. Fund V was oversubscribed and closed at its hard cap for LP commitments. 

As with its previous fund, which raised $4.13 billion in 2014, Fund V will emphasize acyclical growth and business building for companies in selected defensive growth sectors. Two investments have already been made from Fund V, and the firm will seek new opportunities to acquire companies typically in the $100 million to $1 billion enterprise value range, generally investing $100 million to $500 million per transaction.

New Mountain currently manages private equity, public equity and credit funds with over $20 billion in aggregate assets under management, including Fund V. Since 2000, New Mountain has made private equity investments in 43 platform companies. 

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