Northstar Capital will close its fifth mezzanine fund on Monday, peHub has learned. The fund, called Northstar Mezzanine Partners V, surpassed its $350 million target by a wide margin. It’ll close on its hard cap, $500 million, thanks in part to placement agent Pinnacle Trust Partners.
This is a significant jump for Northstar, coming off of a $303 million fourth fund, which closed in April 2006. But it’s not the first time Northstar exceeded its target. That sixth fund was more than $50 million over target, according to Buyouts.
Investments from the firm’s last fund ranged from $4 million to $20 million in companies with between $20 million and $150 million in revenue. No word on weather that’ll increase with its larger fund.