Sterling Investment Seeks $700M for Fund III

Sterling Investment Partners is out marketing for its third fund, according to an SEC filing.

Westport, Conn.-based Sterling is seeking $700 million for the pool, the filing says. The PE firm already has $231 million in commitments, the regulatory filing dated Jan. 11 says.

Park Hill Group is the placement agent, the filing says.

News of the fundraising was reported by Buyouts last January. Buyouts says Sterling’s third fund would look to raise $500 million to $600 million.

Sterling has waited a long time between funds. The PE firm’s last pool, Sterling Investment Partners II LP, collected $545 million in 2005.

Founded in 1991, Sterling focuses on companies with EBITDA from $10 million to $40 million or more, the firm’s web site says. The PE firm targets sectors such as business services, industrial and consumer distribution.

In December, Sterling acquired Southern California Pizza Co., the largest Pizza Hut franchisee in California, for an undisclosed amount. The PE firm, a month before, sold FCX Performance to Harvest Partners. Sterling also acquired Service Logic in October. Sterling also owns Fairway Market, which filed to go public in September.

Sterling did not return calls for comment.

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