The mid-market firm is well on the way to completing its second fundraise according to Buyouts magazine, which cited LP sources.
Altamont gathered $500m for its debut fund in February 2011, a year after it was founded by former Golden Gate trio Jesse Rogers, Randall Eason and Keoni Schwartz.
All three had also previously worked for Bain & Company.
Altamont said it was targeting investments per deal of between $10m and $75m in equity, primarily for control positions in mid-market companies.
The firm has more than $1bn of capital under management according to its website, suggesting it has just less than $250m to go to hit the target for its second fund.
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