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Stirling Square nets €600m ahead of Q3 close – exclusive

The buyout firm is seeking between €800m and €1bn for its fourth fund.

Stirling Square Capital Partners has held a first close on €600 million for its fourth buyout fund, Private Equity International understands.

The London-headquartered firm is aiming to hold a final close on Stirling Square Capital Partners IV at the end of the third quarter this year, according to a source familiar with the fund. It is understood to be seeking between €800 million and €1 billionPEI reported in January.

Fund IV was initially expected to hold a first close in the first quarter. Stirling Square delayed the move to allow for a number of limited partners to participate, the source said.

Stirling Square declined to comment.

It is understood that founding partners Jakob Foerschner and Bolaji Odunsi have retired, with filings on the UK’s Companies House showing the pair left the firm earlier this year. Only Gregorio Napoleone and Stefano Bonfiglio remain of the original six co-founders.

The firm held a final close on Fund III on its €600 million hard-cap in 2016, according to its website. Existing second fund investors comprised over 60 percent of commitments in its third fund.

Fund III included commitments from New York State Common Retirement Fund, Saskatchewan Municipal Employees’ Pension Plan and the James S McDonnell Foundation, PEI data show.