Sentinel Capital Partners has reportedly received commitments of $1.3bn for its fifth fund, topping its $1.1bn target and reaching the hard cap following a strong performance of its previous vehicle.
Sentinel has all but finished marketing the fifth fund, which was oversubscribed three times, said Dow Jones, citing three investors with knowledge of the matter.
The New York-headquartered firm’s fourth 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.
The firm completed fundraising efforts by early July, but the fund has not yet been formally closed, said the people.
One of the investors said that delaying the first close puts the fund’s life span on hold and enables Sentinel to extend its investment period.
Sentinel’s $765m fourth fund raised in 2009 has not been fully invested and still has room for further deals, said the person.
Earlier in July Sentinel launched IEP Technologies, an industrial explosion protection business.
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