US lower mid-market private equity firm Grey Mountain Partners has reportedly held a final close for its third vehicle on its $425m hard cap.
PEI reported the news, which followed a Dow Jones story in April that the firm was set to close on its hard cap.
That was reported to be $350m at the time, although AltAssets understands that is the fund’s regular target.
Dow said Grey Mountain was planning a general partner commitment of at least 2.5 per cent to the fund.
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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