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Growth-oriented firm raises $1.2 billion for non-control private equity fund focused on partnership-oriented minority investments
New Mountain Capital announced on January 15, 2026, that it has closed $1.2 billion for New Mountain Strategic Equity Fund II, L.P. and related vehicles (collectively, “SEF II” or the “Fund”), exceeding its original $1 billion hard cap due to strong investor demand. The fund focuses on minority, non-control investments in leading founder- and sponsor-backed businesses operating in carefully selected defensive growth sectors.
Limited Partners supported increasing the hard cap to accommodate additional commitments. General Partner commitments totalled more than $150 million, representing the largest investor group in the Fund and demonstrating strong GP/LP alignment. More than 115 internal team members participated in the GP commitment.
SEF II follows the firm’s first non-control private equity fund, SEF I, which closed in 2020 with approximately $640 million in commitments and is now fully invested. SEF I generated significant co-investment opportunities for its Limited Partners.
Investors in SEF II include pension funds, insurance companies, asset managers, endowments, family offices, RIAs, and high-net-worth individuals. The majority of SEF I investors recommitted to SEF II.
New Mountain describes itself as “a business that builds businesses” and has generated more than $100 billion of enterprise value gains in its control of private equity companies since inception.
SEF II will continue the firm’s long-standing strategy of emphasizing non-cyclical growth and operational value creation in carefully chosen defensive growth industries. The firm combines deep fundamental research, operational expertise, and strategic support to drive long-term value, primarily within middle market businesses.
Target sectors include infrastructure services, life sciences and advanced materials, healthcare technologies, advanced data and analytics, software, financial and insurance services, and technology-enabled business services. Investments are structured as minority, non-control transactions with active operational engagement.
SEF II has already completed one platform investment ahead of its final close: Wipfli LLP, a leading middle market provider of accounting, tax, and advisory services. The investment builds on prior accounting sector investments, including Citrin Cooperman Advisors LLC and Grant Thornton LLP.
New Mountain Capital is a New York-based investment firm that emphasizes business building and growth, rather than excessive risk, as it pursues long-term capital appreciation. The firm currently manages private equity, strategic equity, credit, and net lease real estate funds with approximately $60 billion in assets under management. New Mountain seeks out what it believes to be the highest quality growth leaders in carefully selected industry sectors and then works intensively with management to build the value of these companies. For more information,
