The Sterling Group has closed its third fund, Sterling Group Partners III, well over its $600 million target at a total of $820 million. Despite the challenging fundraising environment, the fund was raised in only ten months. Sterling partner Gary Rosenthal attributed the success to its "investors' confidence in Sterling's disciplined value creating strategy." This is not a surprise considering the firm's first two funds have returned in aggregate 2.9x invested capital with an IRR of 47.7% on realized investments.
