The Sterling Group, an operationally focused industrial middle market private equity firm, announced the closing of Sterling Group Partners VI, LP. Fund VI exceeded its target of $2.75 billion and was significantly oversubscribed at its hard cap of $3.5 billion. Sterling’s previous fund closed in June 2020 with $2 billion in limited partner commitments.
The majority of Fund VI’s capital was committed by returning investors, and Sterling welcomes several new investors who expand the firm’s Limited Partner base in the US, Europe, the Middle East, and Asia.
Fund VI will primarily target corporate carve-outs and family businesses within the industrial sector. The firm emphasizes its operational approach in partnership with management teams to grow and improve its portfolio of companies. Sterling’s partner group, including Greg Elliott, Brian Henry, Scott MacLaren, Brad Staller, Kent Wallace, Jim Apple, Franny Jones, and Jud Morrison, has 100+ years of experience at Sterling.
Evercore Private Funds Group acted as the exclusive global placement agent, and Kirkland and Ellis, LLP served as fund counsel.
KEY QUOTE:
“Sterling has a four-decade track record of value creation across the economic cycle. The secular tailwinds underpinning today’s industrial middle market, when combined with our proven Seven Lever value creation strategy, present tremendous opportunities for Fund VI.”
– Franny Jones, Partner, Investor Relations
