Northbrook, Illinois-headquartered Sterling Partners is targeting $1.2 billion in commitments for its fourth fund, according to documents filed with the Securities and Exchange Commission.
The firm has yet to collect any commitments from limited partners, the filing said. A spokesperson from Sterling was unavailable for comment at press time.
Sterling closed its third fund on $1 billion in 2007, following approximately six months of marketing. Fund III saw commitments from roughly 70 limited partners, the majority of which are US-based and consist of fund of funds, pension funds, endowments, and foundations.
Sterling Capital Partners III invests between $15 million and $100 million in companies in the education, healthcare services, direct marketing, business services, financial services, and specialty manufacturing and distribution sectors.
Sterling was established in 1983 in Northbrook Illinois and has offices in Baltimore, Maryland and Miami. The firm’s second fund closed in June 2005 on $547 million.