Fund news, April 16, 2007

Sun Capital shines upon $6B LBO fund

Sun Capital Partners has closed its fifth fund with $6 billion in capital commitments. The Boca Raton, Fla.-based firm went to market with a $4 billion target and a 25% carry. Sun Capital’s prior fund closed on $1.5 billion in 2005.

Sun Capital didn’t disclose investors, but LPs of the new fund were university endowments, fund-of-fund investors, public and private pension funds, financial institutions and high net worth family offices and trusts, the firm announced.

Catamount wraps up fund III

Catamount Ventures of San Francisco has closed its third fund with $82.58 million in capital commitments, according to a regulatory filing. Limited partners include Legacy Ventures, Lehman Brothers (which invested through its Lehman Brothers Fund-of-Funds XVIII), Horsley Bridge and BP Master Trust for Employee Pension Plan.

The firm, which raised a combined $40 million for its first two funds, has primarily focused on investing in early stage tech companies. But the firm says on its website that it expects to invest more in the cleantech sector with the new fund.

Park Avenue shopping for $300M

Park Avenue Equity Partners is raising up to $300 million for its second fund, according to a regulatory filing. The New York-based already has secured about $100 million, while its inaugural fund was capped at $110 million in 1999.

The firm has invested in a range of middle-market companies, including a janitorial supply maker, a health care product manufacturer and tech companies.

Newstone rolls to fund close

Newstone Capital Partners is expecting to close its inaugural fund by the end of May, according to LBO Wire. The Los Angeles-based firm was formed last year by former TCW/Crescent Mezzanine Managing Directors Timothy Costello and John Rocchio, with a regulatory filing indicating that it had closed on about $375 million of its $500 million target through last August.

The final close is expected to come in between $600 million and $800 million. Limited partners include MetLife, Prudential, New Jersey State Division of Investment, Oklahoma Police, Vermont State Pension and Golding Capital Partners. PTP Securities is serving as placement agent. —PE Week staff