Grey Mountain Partners has closed its third fund on its hard-cap of $425 million, beating its $350 million target, according to a person familiar with the firm.
Grey Mountain could not be reached for comment. Park Hill Group worked as placement agent on the fund, according to a filing with the US Securities and Exchange Commission.
The firm launched Fund III in January, though Grey Mountain had been pre-marketing the vehicle late last year, the person said. Fund II closed in 2010 on $224 million. That fund was generating a negative 1 percent internal rate of return and a 1x multiple, as of 30 September, 2012, according to performance information from the California Public Employees’ Retirement System.
Grey Mountain was formed in 2003 and has focused on acquiring mid-market companies in North America. Jeff Kuo and Rob Wright co-founded the firm and work as managing directors. Ben Ault also is a managing director at Grey Mountain.