New Mountain Closes Fund III

New Mountain Capital, a New York-based firm focused on upper-middle-market buyouts, has closed its third fund with $5.1 billion in capital commitments. According to a recent article in Buyouts Magazine, Fund III was marketed with a $3 billion target, a 1.75% management fee, a 20% carry and an 8% preferred return. The general partner contributed $100 million.


No limited partner information is yet available for Fund III, but Fund II investors included CalPERS, Florida State Board of Administration, Los Angeles Fire & Police Pension System, Ohio Public Employees' Retirement System, Pennsylvania State Employees' Retirement System and Oregon State Treasury.