Mid-market

ICV Capital Partners IV was earning a 2.16x net multiple and a 23.88% net IRR as of March 2023, according to pension documents.

The firm is led by Brian Martin, formerly an executive in American Capital's LBO group, and Mike Janish, a one-time CEO of American Capital-backed Avalon Laboratories.

Through the new fund, Sterling intends to capitalize on sector tailwinds, such as manufacturing onshoring, aging infrastructure and inflation and supply-chain challenges.

In a subdued deal environment, mid-market buyouts are drawing more attention, in part because they often have attractive entry valuations and are easier to finance than large caps.

The new offering comes roughly a year after Court Square announced a succession event that created new leadership.

M/C was founded in 1986 by David Croll and James Wade as a spin-out of the media and communications practice of TA Associates.

Fund VIII comes six years after the close of its predecessor, making Olympus something of a contrarian at a time when many GPs are accelerating fundraising.

Clairvest is one of a few private equity shops raising capital quickly at a moment when many GPs are forced to extend timelines due to tough supply conditions.

The firm’s success owes in large part to a consensus-based management style, says managing partner John Maldonado.

The mid-market, which will remain challenging, could see more flow from LPs shying away from the largest firms. It is a time of signs, portents and structural change.