New Mountain Capital secures $10B for 2 funds

New Mountain Capital LLC raised more than $10 billion for its two funds, The Wall Street Journal reported.

The New York City-based private equity firm secured $9.6 billion for its flagship vehicle, its largest to date. It also raised $640 million for a fund to be invested in noncontrolling stakes in companies, according to the report.

New Mountain Founder and CEO Steven Kinsky told the Journal that the fundraising activity allows the firm to better respond to industry or economic shifts and veer away from subsectors if they become unattractive.