Sentinel Capital Partners has held a first and final closing of Sentinel Capital Partners VI LP with $2.1 billion of capital and Sentinel Junior Capital I LP with $460 million of capital. The junior capital fund will primarily serve as a mezzanine financing source for new Sentinel platform companies.
Limited partners in the new funds include college and university endowments, foundations, state and government retirement systems, corporate pension plans, insurance companies, sovereign wealth funds, investment advisors, family offices, and Taft-Hartley plans located in the United States, Europe, China, Japan, Australia, and the Middle East.
“We are delighted by this fundraising outcome and grateful for the strong show of support from our existing investors and several new prominent investors,” said David Lobel, founder and Managing Partner of Sentinel. “We are also very pleased to launch our inaugural junior capital fund, which will serve the financing needs of our lower middle market companies.”
Sentinel Capital Partners invests in management buyouts, recapitalizations, corporate divestitures, and going-private transactions of businesses with EBITDAs up to $65 million. Sentinel targets eight industry sectors: aerospace & defense, business services, consumer, distribution, food & restaurants, franchising, healthcare services, and industrials. The firm is headquartered in New York (www.sentinelpartners.com).
“Over the course of five private equity funds and 22 years, Sentinel has developed a consistent and reliable way of doing business that has proven appealing to corporate sellers, small business owners, institutional sellers, and management teams,” said John McCormack, Sentinel’s co-founder. “In many of the businesses we have invested in, our ability and willingness to tackle financial and business complexity and relationship-intensive situations have worked well for us.”
Sentinel’s earlier fund, Sentinel Capital Partners V LP, closed in July 2013 with $1.3 billion of committed capital and is approximately 80% invested.
The Private Fund Group of Credit Suisse Securities (USA) advised Sentinel on the raising of the new funds and Kirkland & Ellis provided legal services.
© 2018 Private Equity Professional | January 25, 2018