The firm closed the deal yesterday according to peHUB, which cited a source familiar with the transaction as saying the sale was expected to generate a 100 per cent IRR.
A return of that magnitude will prove a massive fillip to the firm, which had only raised just over half of its $3bn target for its latest fund in mid-October, despite hoping to close the vehicle before the end of last year.
AltAssets reported around the same time that Sun had agreed to sell Nashville-based company Captain D’s, which operates and franchises 527 restaurants in 25 states and on military bases around the world.
Sun bought the business from Charlesbank Capital Partners for an undisclosed amount in May 2010.
Earlier this year it was reported that Sun hired North Point Advisors to manage the sale process.
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