Mill Point Capital has successfully closed Mill Point Capital Partners III LP with approximately $1.7 billion in total capital commitments. Fund III, which was raised in less than five months, was oversubscribed and closed at its hard cap.
The limited partners in Fund III include endowments, foundations, government and corporate pension plans, insurance companies, family offices, and funds of funds.
“We are grateful for both the unwavering support from our existing investors and the overwhelming interest from new limited partners, particularly given the challenging fundraising market. We believe our operationally intensive strategy, supported by our integrated approach across the Mill Point investment team, executive partners, functional experts, and portfolio company management, has driven value creation and successful realizations, both of which resonated with investors,” said Michael Duran, the founder and managing partner of Mill Point.
Mill Point Capital, headquartered in New York City, makes control-oriented investments in North America-based lower middle-market industrial, business services, and IT services companies.
“We have adhered to our resilient investment strategy while cultivating a talented, collaborative, and focused team. With the successful closing of Fund III, we are eager to partner with lower middle-market businesses and execute transformative strategic initiatives and operational improvements to create lasting value,” added Dustin Smith, a managing partner at Mill Point.
Mill Point closed its second fund, Mill Point Capital Partners II LP, at its hard cap of $886 million in February 2021. The firm’s inaugural institutional fund, Mill Point Capital Partners LP, closed at its hard cap of $450 million in May 2018.
Asante Capital Group Advisors served as the placement agent for this fundraise, and Kirkland & Ellis provided legal services.
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