The Sterling Group, a Texas-based middle-market private equity firm, has held the final close of Sterling Group Partners VI (Fund VI), which was oversubscribed at its hard cap of $3.5bn.
Fund VI exceeded its target of $2.75bn and the $2bn raised by the firm’s previous fund, which closed in June 2020.
While the majority of the capital was committed by returning investors, the fund also attracted support from several new investors in the US, Europe, the Middle East and Asia.
Fund VI will primarily target corporate carve-outs and family businesses in the industrial sector.
Evercore Private Funds Group acted as global placement agent and Kirkland and Ellis served as fund counsel.
