Mill Point has held a final, oversubscribed, and hard cap close of Mill Point Capital Partners II LP with $886 million of total capital.
The raising of Fund II was conducted entirely virtually and completed in just under four months. The new fund’s limited partners include endowments, foundations, government and corporate pension plans, insurance companies, family offices, and funds of funds.
“We are grateful for the strong support from our existing limited partners and overwhelming interest from new limited partners, especially during these unprecedented times,” said Michael Duran, the founder and managing partner of Mill Point.
New York City-based Mill Point makes control investments in lower middle-market companies that are active in the industrial, business services, and IT services sectors. The firm closed its inaugural institutional fund, Mill Point Capital Partners LP, at its hard cap of $450 million in May 2018.
“We look forward to continuing to partner with lower middle-market businesses where we can implement transformative strategic initiatives and operational improvements to build enduring value,” added Dustin Smith, a partner of Mill Point.
Earlier this month, Mill Point acquired Prime Pensions, a New Jersey-based provider of retirement plan recordkeeping, consulting, actuarial and administration services, in partnership with its founder and CEO Scott Feit. Last year, in December, Mill Point sold Huntington Solutions, a South Carolina-headquartered maker of custom-engineered shape-molded and fabricated foam made from expanded polystyrene (EPS), expanded polypropylene (EPP) and other resins.
Acalyx Advisors was engaged by Mill Point as its placement agent for Fund II. “Launching and closing a fund completely virtually was quite extraordinary, but it is clear that institutional investors are committed to backing disciplined firms with a compelling strategy and resilient portfolio,” said Jennifer Cho Rinehart, a partner of Acalyx.
Kirkland & Ellis provided legal services to Mill Point on this fundraising.
© 2021 Private Equity Professional | February 17, 2021