Sterling Group closed Sterling Group Partners V, its latest middle-market private equity fund, at its $2 billion hard cap after four months in the market, according to a news release.
The new fund is 60% larger than the prior fund, Sterling Group Partners IV, which closed at $1.25 billion.
Like its predecessors, Sterling Group Partners V will primarily target corporate carve-outs and family businesses.
Investors in the fund include $126.6 billion New York State Teachers' Retirement System, Albany $44.7 billion Illinois Municipal Retirement Fund, Oak Brook; and $10.2 billion Arizona Public Safety Personnel Retirement System, Phoenix.
