About This Fund
Stellex Capital Partners III is the third flagship private equity fund from Stellex Capital Management, aiming to raise $2.5 billion with a hard cap of $3 billion. The fund focuses on control-oriented investments in underperforming or undermanaged middle-market companies in North America and Europe. Stellex seeks to revitalize these businesses through operational improvements and strategic repositioning. The fund targets companies with enterprise values between $100 million and $500 million, investing equity checks ranging from $75 million to $150 million. Stellex plans to build a diversified portfolio of 17 to 23 companies, aiming for net returns exceeding a 2.0x multiple on invested capital and a 20% internal rate of return. The investment strategy includes corporate carve-outs, debt-for-control transactions, and buy-and-build approaches. Stellex Capital Management, founded in 2014 by former Carlyle Group executives Ray Whiteman and Michael Stewart, brings extensive experience in distressed and special situations investing. With offices in New York, London, Detroit, and Pittsburgh, the firm leverages its deep industry expertise and operational focus to drive value creation in its portfolio companies.