Lower mid-market private equity firm Sentinel Capital Partners has confirmed that it has closed its fifth fund on $1.3bn, beating its initial target by $200m.
The fund, which follows the $765m fourth vehicle raised in 2008, will target businesses with an EBITDA of up to $35m. The previous vehicle was generating an IRR of 42.6 per cent and a cash multiple of 1.6 times as at the end of September last year, according to CalPERS.
Co-founder of Sentinel John McCormack said, “Over the course of four funds, Sentinel has developed a consistent and reliable way of doing business that has proven appealing to corporate sellers, small business owners, institutional sellers, and management teams.
“In a good number of businesses we have invested in, our ability and willingness to tackle financial and business complexity and relationship-intensive situations has worked well for us.”
Late last month it was reported that the fourth fund has not been fully invested and still has room for further deals.
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