New York City-based New Mountain Capital has closed its oversubscribed fifth private equity fund at $6.15 billion, beating its $5 billion target.
New Mountain Partners V LP will continue the firm’s strategy of investing in “defensive growth” industries. New Mountain usually makes investments between $100 million and $500 million per transaction, targeting companies whose business valuations range from $100 million to $1 billion.
Fund V’s limited partners include pension funds, insurance companies, sovereign wealth funds, asset managers, family offices, high-net worth individuals and endowments.
So far, Fund V has acquired two companies: OneDigital Health and Benefits, an employee benefits company; and Sparta Systems, a provider of quality management software. No financial terms were disclosed for either deal.
In 2014, the firm raised $4.13 billion for its fourth fund. No performance data was available on Fund IV.
UPDATE: Simpson Thacher represented New Mountain on the fund.
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