Sun Capital Said to Struggle With $3 Bln Fund Goal

By SABRINA WILLMER

Sun Capital Partners, the firm co-founded by Marc Leder, is struggling to reach the $3 billion goal on its latest fund, according to two people familiar with the matter.

Sun Capital Partners VI LP had gathered about $1.7 billion as of September, said the people. The pace has been slower than anticipated for the Boca Raton, Florida-based firm, which initially had aimed to finish fundraising by December last year, the people said.

Investors have pared commitments to focus on their most-preferred managers. Funds of funds, which people familiar said are a big part of Sun Capital’s investor base, haven’t been able to commit as much.

Three prospective limited partners said they passed on Sun Capital’s new fund mainly because of publicity surrounding Leder, who is also co-chief executive officer. Two of the LPs also said they were concerned that the fund would be too big to make the smaller investments that have been Sun Capital’s best performers in the past.

Read more>>

Bloomberg BRIEF Newsletters