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Stellex Capital Partners eyes $1.7bn for its sophomore fund

Stellex Capital Partners eyes $1.7bn for its sophomore fund

Stellex Capital Partners, a middle-market private equity firm, is looking to raise up to $1.7bn for its sophomore fund.

The vehicle, Stellex Capital Partners II, has yet to register any capital, according to the latest US Securities and Exchange Commission filing.

It is not clear if the $1.7bn figure is a target or hardcap.

Credit Suisse Securities has been named as a placement agent in the document.

Sixpoint Partners has also been listed as the placement agent for the vehicle in 36 US states as well as the District of Colombia.

The target of Stellex’s new fund is a significant jump on the capital pool of its predecessor, which closed in 2017 on $870m.

Its maiden fund surpassed its initial target of $750m and targeted deep value, control-oriented mid-market investments through structured private equity buyouts or purchases of secondary market debt.

It is unclear whether Fund II will have a different strategy.

Stellex invests into the manufacturing and basic industry, industrial and business services, defence, aerospace and government services, automotive, consumer product, and distribution and transportation.

The private equity firm, which was founded by former Carlyle Strategic Partners co-heads Ray Whiteman and Michael Stewart, invests into middle market companies with revenue below $100 million and have an enterprise value between $50m and $500m.

It’s investments typically range from $25m to $110m.

Last year, Stellex completed a $352m exit of forestry and tree maintenance equipment maker Morbark to trade buyer Alamo.

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