The Pennsylvania State Employees’ Retirement System has committed $125m towards two funds managed by Sentinel Capital Partners.
$100m of the investments will go to the firm’s flagship buyout fund Sentinel Capital Partners VII and $25m will go to Sentinel Junior Capital II.
The firm is out raising its latest flagship fund four years after it closed Capital Partners VI on $2.15bn.
It also closed Junior Capital I on $460m in 2018.
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Sentinel Capital focuses its investment in lower midmarket companies, acquiring companies with up to $65m in EBITDA in industries including aerospace, business services, consumer, distribution, food and restaurants, franchising, healthcare and industrials.
It closed Sentinel Capital Partners V in 2014 with $1.3bn of committed capital.
Its portfolio companies include ECM Industries, Empire Auto Parts, Midwest Eye Consultants, Mobile Communications America, New Era Technology, and Newk’s Eatery.
Source: Altassets
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