London-based mid-market investor MML Capital Partners held a final close for its latest fund targeting B2B companies at €1 billion (around $1.2 billion), almost 50% bigger than its predecessor.
Partnership Capital VIII was oversubscribed and attracted 11 new institutional investors. The previous fund closed at €670 million in 2021.
MML’s Partnership Capital strategy invests in companies across different sectors in the UK, US and northern Europe. The London-based buyout firm typically invests between €40 million and €120 million in companies with more than £8 million in EBITDA.
Some portfolio companies include Freeland Group, a France-based professional services provider targeting freelancers; OnPoint, a Texas-based industrial project management business; and TMC Group, a recruitment services provider based in the Netherlands.
MML made eight exits in the past 12 months despite the difficult market. The deals generated a 4.1x average MOIC and more than €600 million of distributions, according to a statement.
The firm also deployed more than €500 million in 10 new investments during that time.
Featured image by Sylvain Sonnet/Getty Images
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