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Sun Capital Partners only halfway to $3bn fundraising target

10 Oct 2013

US private equity firm Sun Capital Partners has raised just over half of its $3bn for its latest fund, despite hoping to close the vehicle before the end of last year, according to Bloomberg.

The report suggests media coverage of firm founder Marc Leder – specifically the incident where US Presidential candidate Mitt Romney was recorded saying his job was “not to worry” about low income families at a fundraiser Leder was hosting – have caused concern for some investors.

Sun Capital Partners VI has raised $1.7bn to date, it added.

While other LPs were reported as having reservations of the size of the fund, the latest vehicle will seek to make smaller deals that Sun Capital’s previous focus, looking to commit between $30m to $40m per transaction.

According to a recent investor document from Oklahoma Police Pension & Retirement System, Sun Capital Partners V was said to be generating a 1.3 times return on invested capital.

Most recently the firm exited American Standard Brands by selling its parent company ASD Americas Holding to Japanese housing equipment manufacturer LIXIL Corp.

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