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New Mountain Capital raises $6.15bn

The private equity investment firm continues to focus on business building opportunities in North America.

New Mountain Partners V has held a final close at $6.15 billion, exceeding its target of $5 billion. The fund will continue to follow New Mountain Capital’s strategy of pursuing a-cyclical opportunities in “defensive growth” industries.

Nebraska Investment Council, Teachers’ Retirement System of the State of Illinois and Washington State Investment Board were among the investors in the fund.

The previous fund in the series, New Mountain Partners IV, closed at $4.13 billion in October 2014.