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NEP, NMP raise $1.7bn for new funds02/09/2008. Source: AltAssets. 
 Mid-market private equity and mezzanine investors Norwest Equity Partners and Norwest Mezzanine Partners have closed their most recent funds with combined capital totalling $1.7bn. Norwest Equity Partners IX has closed on $1.2bn and Norwest Mezzanine Partners III on $500m. Wells Fargo & Co. has been the major limited partner.
NEP invests in manufacturing, distribution and services companies operating across various industry sectors. MBOs, recapitalisations and growth financings are the fund's preferred transaction structures.
NEP managing general partner Timothy DeVries said, 'Our 45-year history of quality investments and exceptional financial returns is a direct result of having a motivated and strong investment team, and a commitment to investments for the long-haul. We have proven our ability to ride the economic tide and make prudent investment decisions. NEP IX is a tremendous opportunity for us to continue our strategy of developing valuable partnerships with prospering companies.'
NMP invests $10-50m per transaction in a variety of industry sectors. The first transaction funded by NMP III is a $40m investment supporting Wind Point Partners' recent acquisition of Ryt-way Industries, a Minnesota-based contract packager of branded food products.
'NMP III is well-poised for continued success. We are seeing increased momentum in the mezzanine market,' DeVries, who is also an NMP managing general partner, added. 'We take a relationship-oriented approach and are able to offer flexible transaction structures. Both of these traits enable us to generate terrific deal flow with leading middle market private equity firms.'
NEP and NMP have $4.6bn of combined capital under management. The previous funds, NEP VIII and NMP II closed on $800m and $400m, respectively, in 2004.
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