US lower mid-market private equity firm Grey Mountain Partners is reportedly preparing to hit the first and final close on its third fund.
The firm is set to close Fund III at its hard cap of $350m within weeks, said Dow Jones, citing three potential investors.
Grey Mountain is planning a general partner commitment of at least 2.5 per cent to the fund, the sources added.
The previous vehicle, Partners Fund II, was closed on $224m in October 2010.
Grey Mountain buys majority interests in North American companies with enterprise values of $30m to $150m. The firm is focused on “difficult or challenged situations” including operational turnarounds and financial restructurings.
In December last year Grey Mountain sold rubber polymers maker Robbins Holdings to strategic buyer Hexpol.
Earlier in 2012 it bought almost all the assets of Hawkins Glass Wholesalers’ flat glass division.
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