New Mountain Capital closed its latest private equity fund, New Mountain Partners V, at $6.15 billion, a spokeswoman said in an email.
New Mountain's fifth fund was oversubscribed at its hard cap of $5.85 billion for limited partner commitments. The fund's total capital includes approximately $300 million from the general partner and affiliates.
The new fund is 49% larger than New Mountain's fourth fund, the $4.13 billion New Mountain Partners IV that closed at its hard cap in 2014.
The fund will invest in companies in defensive growth industries. The new fund has already acquired two companies: OneDigital Health and Benefits, an employee benefits company, and Sparta Systems, a management software company.
Investors in the fund include the $116.5 billion Washington State Investment Board, Olympia; $52.7 billion Pennsylvania Public School Employees' Retirement System, Harrisburg; Alaska Retirement Management Board, Juneau, which oversees more than $30 billion in defined benefit and defined contribution assets; $22.1 billion New Mexico State Investment Council, Santa Fe; and $18 billion Kansas Public Employees Retirement System, Topeka.