Milestone Partners is expected to start fundraising for its latest pool this summer, a source says.
Radnor, Pa.-based Milestone, a lower middle market firm, is looking to raise $350 million, according to the source and a June 2011 document from Pennsylvania’s Public School Employees’ Retirement System (PSERS). Milestone Partners IV LP has a $450 million hard cap, PSERS says.
The firm’s last fund, Milestone III, raised $240 million in 2008, while the second fund collected $120 million in 2004. Milestone II has a 24.1% IRR while the third fund has an 8.7% IRR, PSERS says (PSERS invested about $30 million in fund II and $60 million in fund III), the document says.