Update: Sterling Partners Raising Co-Invest; Side Fund On Hold

Sterling Partners of Northbrook, Ill., and Baltimore is raising a $500 million co-invest fund, a source familiar with the situation said. The new fund will supplement Sterling’s $1 billion fifth fund, called SCP III. That pool of capital closed in June 2007. The firm originally planned to raise a side fund to SCP III, but scrapped it in favor of the co-investment fund, the source said. The reason is simple: Sterling Investment Partners wants to do deals faster.

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