Norwest Equity Partners has raised a $1.6 billion buyout fund and an $800 million mezzanine fund.
The $1.6 billion fund, Norwest Equity Partners X LP, will invest $50 million to $200 million per transaction and the mezzanine fund, Norwest Mezzanine Partners IV, will expend between $20 million and $75 million per transaction.
The firm promoted Brian Allingham from principal to administrative partner, and he will oversee both funds. Norwest also hired Sean Stevens as an investment partner for Norwest Mezzanine. Stevens was previously at KKR, KeyBanc Capital Markets and Bank of America Merrill Lynch.
Norwest's portfolio includes Edge Fitness Clubs, Eyebobs, Gopher Resource and Old Hickory Smokehouse. In 2014 the firm exited Shock Doctor Inc., which it sold to Bregal Partners.
Several other firms have closed private equity fund recently. Earlier in April, Sterling Partners closed a $200 million education-focused fund. Also in April, the Abraaj Group closed a $990 million fund that will invest in Sub-Saharan Africa.