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New Mountain Capital, a private equity firm, is currently in the process of raising $1 billion for its second non-control fund, which marks a significant increase of more than 50% compared to its 2021 debut fund. This move is noteworthy in an environment where many fund managers have been cautious with their fundraising targets due to concerns over overallocations and delayed distributions, leading to a slowdown in commitments from limited partners (LPs).
Despite these challenges, New Mountain Capital is boldly pursuing its ambitious fundraising goal, also setting an aggressive target for its latest flagship fund. Their first fund, which closed at $640 million in January 2021, demonstrates their track record and confidence in their ability to attract substantial capital for their investment strategies. This development highlights New Mountain Capital's commitment to expanding its presence and investment opportunities in the private equity market.