New Mountain Capital raises oversubscribed $825m net lease fund

New Mountain Capital, an alternative investment firm with more than $40 billion of assets under management across private equity, credit and real estate, has closed its second net lease real estate fund, New Mountain Net Lease Partners II (NMNLP II).

NMNLP II closed with $825 million of equity capital commitments, including approximately $725 million of third-party limited partner commitments and approximately $100 million from the general partner.

With an initial fundraising goal of $750 million, the completed capital raise substantially exceeded the target. Investors in the fund, which were a mix of numerous new investors as well as existing New Mountain Net Lease investors, include pension funds, insurance companies, asset managers, endowments, family offices and high-net-worth individuals.

“The net lease business is very complementary to our private equity and credit businesses in our view, and we believe it can provide a strong risk and reward proposition