Lower mid-market firm Grey Mountain Partners confirmed that it has closed its third fund on its $425m hard cap.
The new fund follows the second vehicle, which raised $224m in October 2010.
The firm invests in North American companies with enterprise values of $30m to $150m, focusing on “difficult or challenged situations” including operational turnarounds and financial restructurings.
Lower mid-market funds currently in the market include the New Harbor Capital Fund, which is seeking $150m.
Grey Mountain’s deals in 2012 included the sale of rubber polymers maker Robbins Holdings to strategic buyer Hexpol and the acquisition of almost all the assets of Hawkins Glass Wholesalers’ flat glass division.
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