A Westport private equity firm has raised $1.6 billion for its fifth fund, exceeding its target by $350 million.
Sterling Investment Partners said it closed its fifth fund at the maximum amount it planned to accept, with most of the money coming from investors who had backed the firm before.
The new fund will focus on buying and growing mid-sized companies, particularly in business services and product distribution — areas where Sterling has long specialized. Its first deal is an investment in Virginia-based infrastructure services firm XKIG, a company the firm had previously owned, made alongside another recently closed investment vehicle.
Sterling said it has completed over 270 deals, representing over $33 billion in aggregate value.
