New Mountain Capital LLC has closed the firm’s fifth private equity fund, New Mountain Partners V L.P. (Fund V), with approximately $6.15 billion in financial commitments. The PE firm has acquired two companies using capital from the new fund: OneDigital Health and Benefits, an employee benefits management provider; and quality management software developer Sparta Systems.
Fund V will continue to follow New Mountain’s investment strategy of “emphasizing acyclical growth and business building for companies in selected in ‘defensive growth’ industries,” according to the firm. Capital backing the Fund V includes $5.85 billion in third party limited partner commitments and approximately $300 million from the general partner and affiliates.
New Mountain Capital is a middle market private equity firm based in New York. The firm invests in a plethora of sectors, including education, healthcare, software, business services, logistics, specialty chemicals, federal services, media, consumer products, financial services and insurance, environmental services, infrastructure and energy. New Mountain has approximately $20 billion assets under management and has also raised more than $15 billion in capital commitments across five PE funds since inception.
Other middle-market fund raises include: Private Advisors’ raising the firm’s seventh small business private equity fund; Saw Mill Capital’s closing of a new investment fund with $340 million in commitments; Industrial Opportunity Partner’s (IOP) raising its third fund with $450 million; Yellow Wood Partners' raising its second middle-market fund; Platte River Equity's closing the firm’s fourth fundraise; CVC Capital Partners’ $18 billion fund to target U.S. and European investments; the Riverside Co.’s first minority investment fund in April 2017.