Report: Sterling readies $600m fund

Sterling Investment Partners reportedly is raising a $600 million private equity fund.

The Westport-based company hopes to complete the fund by the close of September, according to unnamed sources cited by LBO Wire.

Sterling Investment Partners focuses on middle-market deals, with its portfolio including Fairway Market and Survey Sampling International of Shelton.

Second quarter fundraising by private equity companies rose to $42 billion, up from $20 billion in the first quarter, according to the Private Equity Growth Capital Council. Investment deal volume was off 8 percent to $51 billion, and “exit” deals similarly dropped 10 percent to $24 billion.