New Mountain Partners VII closed in June 2024 with a total commitment of $15.4 billion, far exceeding its initial target of $12 billion. This amount includes $14 billion in commitments from institutional investors, reaching the "hard cap" set, as well as a notable $1.4 billion commitment from New Mountain Capital itself, representing the firm's largest commitment to date. New Mountain's prudent strategy, focused on organic growth and moderate use of leverage, was decisive in attracting investor confidence.
The PEI Awards are presented annually by Private Equity International, a leading global publication dedicated to private equity. Founded in 2001, PEI focuses on the relationship between institutional investors (LPs) and fund managers (GPs), providing in-depth analysis, exclusive data and reporting on market trends.
For the 2024 edition, PEI introduced a new selection process, replacing reader voting with a panel of judges made up of PEI Group editors. This panel evaluated the entries based on qualitative and quantitative criteria, including non-financial considerations, to recognize excellence and innovation in the private equity industry. In the "Fundraise of the Year" category, evaluation criteria included: the fund's final closing within the 12-month period under consideration; the fund's ability to attract institutional investors, both regionally and globally; fundraising performance against targets; innovation and strategy deployed during the fundraising process. Founded in 1999 by Steve Klinsky, the New York-based manager with $55 billion in assets under management has based his strategy on a cautious approach that aims for excellence.
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