New Funds

Monogram Capital Partners has held an oversubscribed and hard cap close of its third fund, Monogram Capital Partners Fund III LP, with $350 million of capital.

Limited partners in Fund III include endowments, foundations, family offices, and funds of funds, with many long-time investors participating in the new fund.

Beverly Hills-headquartered Monogram invests up to $75 million of equity in companies with revenues of $5 million to $250 million. Sectors of interest include food and beverage, beauty and personal care, pet products, consumer healthcare, manufacturing, and multi-location businesses.

As an example, in July 2025, Monogram acquired a majority equity interest in Western Smokehouse Partners from AUA Private Equity. Monogram first invested in Western in 2018 and, after a series of add-on acquisitions, sold its majority equity interest in the business to AUA Private Equity, but maintained a minority equity interest in the business.

Western is a contract and branded manufacturer of all-natural meat sticks, jerky, and high-protein snacks with a portfolio of co-manufactured, private label, and branded products. The company’s beef, turkey, chicken, and pork products are available in sticks, bites, and strips and include organic, non-GMO, plant-based, and free-range options. Western’s customers include national retailers, health-conscious food brands, and convenience store distributors. The company was founded in 1978 and today is headquartered in Galesburg, Illinois, with six facilities in Missouri (2), Illinois (2), Iowa, and Idaho.

Earlier, in January 2025, Monogram acquired Luckyscent, a Los Angeles-based niche fragrance e-commerce and retail platform. Luckyscent operates both an online storefront and a physical retail concept known as Scent Bar, with a curated product line of prestige and artisanal fragrances.

Since its founding in 2014, Monogram’s portfolio investments – held for at least five years – have seen approximately 3x revenue growth and more than 600 basis points of EBITDA margin expansion.

“Our mission has always been to build enduring consumer businesses by pairing deep operational expertise with a long-term partnership mindset,” said Jared Stein, a co-founder and partner at Monogram. “We view ourselves as the bridge between family-held businesses and large-cap institutional capital—helping scale companies that deliver exceptional value to consumers, employees, and communities alike.”

“With the closing of this fund, we will add greater depth to our team and resources across the firm,” said Oliver Nordlinger, a co-founder and partner at Monogram. “These efforts to further institutionalize Monogram are in service of building an enduring firm for many funds to come.”

“Closing Fund III represents a significant milestone for our team and our investors,” added Mr. Stein. “We are deeply grateful for the trust placed in us and excited to continue building the next generation of enduring consumer businesses.”

Lazard was the placement agent for this fundraise and Latham & Watkins provided legal services.

Mosaic Capital Partners has closed its second fund with $205 million in total capital, including leverage. Similar to its first fund, Fund II is structured as a Small Business Investment Company (SBIC) with limited partners that include institutions, commercial banks, and high-net-worth individuals.

Mosaic invests from $10 million to $25 million—more with limited-partner co-investment—in North America-based employee-owned businesses with $10 million to $100 million in revenue and $5 million to $15 million in EBITDA. Sectors of interest include business services, consumer products, food and beverage, healthcare, industrials, manufacturing, technology services, and value-add distribution. Mosaic’s transactions generally involve ESOP buyouts, full or partial ESOPs, or ESOP recapitalizations.

“We are grateful for the overwhelming support from our existing investors and pleased to welcome several new institutional investors into the fund,” said Steve Buchanan, the managing partner of Mosaic.

Earlier this year, Mosaic closed an ESOP transaction with Ickler Electric, a San Diego-based provider of commercial electrical contractor services with a specialization in the life sciences and commercial laboratory sectors. Since its founding in 2014 and across its two funds, Mosaic has invested in 17 platform companies and now has total assets under management of $370 million.

“We are pleased to see the investor community continue to support Mosaic’s unique broad-based employee ownership model,” said Ian Mohler, a partner at Mosaic. “Our team is committed to finding the best investment opportunities for our investors and building long-term wealth for workers while delivering attractive investment returns.”

Winston & Strawn provided legal services to Mosaic on this fundraise.

Mosaic Capital Partners is headquartered in Charlotte, North Carolina.

Monomoy Capital Partners has held a final close of its third credit-focused fund, Monomoy Credit Opportunities Fund III LP (MCOF III), with more than $500 million in total capital commitments.

Limited partners in the new fund include hospital systems, university endowments, asset managers, public pension plans, foundations, and family offices. MCOF III was raised over ten months and is $200 million higher than its predecessor fund, which closed in September 2023 with $300 million of capital.

Like its earlier credit funds, MCOF III will invest in senior secured debt across middle-market industrial, consumer, and business services companies.

“Exceeding our target for MCOF III in just ten months reflects strong investor support for our cycle-tested credit strategy,” said David Robbins, a partner and head of credit strategies at Monomoy. “We’ve remained focused on our core sectors and true to the disciplined approach we established from the outset. The continued support of long-standing investors, together with new global commitments, speaks to the team’s shared commitment to excellence. We’re confident that this same foundation will continue to drive performance and position Monomoy for sustained growth in the years ahead.”

Monomoy makes control investments of debt and equity in companies with $20 million to $100 million of EBITDA. Sectors of interest include manufacturing, distribution, and services across North America. In July 2024, after just five months of fundraising, Monomoy held an oversubscribed and above-target closing of its fifth equity fund with $2.25 billion of capital. The firm was founded in 2005 and is based in New York City.

Insignia Capital Group has closed its third fund, Insignia Capital Partners III LP, with over $500 million in capital commitments. The new fund surpassed its $375 million target and closed at its hard cap.

Limited partners in Fund III include both returning limited partners and a select group of new investors. Insignia’s second fund closed in 2021 with $400 million in capital, and its inaugural fund closed in 2016 with $358 million in capital.

“Achieving this outcome in a challenging fundraising environment is a privilege and an affirmation of our strategy and the trust our limited partners place in us,” said David Lowe, a managing partner at Insignia.

Insignia Capitalmakes both control and influential minority equity investments of $20 million to $100 million in lower middle-market companies that have at least $20 million of revenue and $5 million of EBITDA. Sectors of interest include business and tech-enabled services companies, and consumer brands and products.

Last month, Insignia made an investment in Tidal Financial Group, a New York City-headquartered provider of ETF (exchange traded fund) infrastructure and advisory services to asset managers launching and scaling ETFs. As of September 2025, Tidal supports over 270 ETFs with $45 billion in assets under management and launched 89 new ETFs in 2025 alone.

“Closing the fund is only the beginning—we recognize the significant responsibility we have to the foundations, endowments, pension plans and investors that have entrusted us to deliver strong performance on behalf of their beneficiaries,” said Tony Broglio, a managing partner at Insignia.

Insignia was founded in 2011 and is headquartered near San Francisco in Walnut Creek.

M2O Private Fund Advisors was the placement agent for this fundraise, and Kirkland & Ellis provided legal services.

Abacus Finance Group has held a final and oversubscribed close of its first Small Business Investment Company vehicle, Abacus Finance SBIC Fund I LP (Fund I), with $262.5 million in capital.

Abacus secured $87.5 million in private commitments and leveraged the U.S. Small Business Administration’s SBIC program to reach its hard-cap target. The fund’s private commitments came from both institutional and high-net-worth investors such as banks, endowments, family offices, and insurance companies.

Fund I is led by CEO and Founding Partner Tim Clifford, President and Founding Partner Sean McKeever, Managing Director Seth Friedman, and Managing Director Eric Petersen. This team has more than 125 years of experience in lower middle-market lending.

“We are incredibly grateful for the overwhelming support we’ve received in launching our first fund,” said Mr. Clifford. “Achieving this successful closing as a first-time fund manager speaks to the confidence our investors have placed in our team and our commitment to supporting the growth of small businesses across the country. This milestone positions us to make meaningful investments that will drive job creation and economic growth.”

SBICs are privately owned and managed investment firms that combine their own capital with funds borrowed at favorable rates through SBA guarantees to provide long-term debt and equity investments to small businesses. The program allows SBICs to leverage their private capital to increase their funding capacity and potentially achieve stronger returns while supporting small businesses.

“The SBIC program provides us with a unique opportunity to amplify our impact in the small business community,” said Mr. McKeever. “With this enhanced capital base, we can support entrepreneurs who might otherwise struggle to access the growth capital they need. Our focus remains on identifying businesses with strong fundamentals and exceptional management teams that are positioned to create sustainable value and meaningful employment opportunities.”

Abacus targets debt financing opportunities of up to $60 million and invests in companies with EBITDA between $2 million and $15 million. Fund I has already deployed approximately 40% of its capital and expects to invest the remainder over the next 9 to 18 months.

“We see tremendous potential in the small and medium-sized business sector, particularly in companies that are generating positive cash flow but need capital to accelerate their growth trajectory,” said Mr. Petersen. “Our disciplined investment process focuses on businesses where we can add real value beyond just capital – whether through operational expertise, strategic guidance, or helping them access new markets. This fund positions us to be true partners with management teams as they scale their operations.”

For example, earlier this year Abacus provided both debt and equity to back acquisitions by LFM Capital and WestView Capital. In April, the firm provided senior debt financing and made an equity co-investment to back LFM’s acquisition of Marcy Laboratories, an Illinois-headquartered contract manufacturer specializing in perfumes, colognes, room sprays, and fragrance samplers for large fragrance brands and specialty retailers.

Similarly, in the WestView transaction, Abacus provided senior debt financing and made an equity co-investment to back WestView’s buy of Ottawa-headquartered Hoist Global, a systems integrator that provides consulting, implementation, and support services to companies operating in the aerospace and defense, energy utilities, construction, manufacturing, and telecommunication sectors. Hoist specializes in IFS software systems, a Sweden-based provider of cloud-based software for enterprise resource planning (ERP), enterprise asset management (EAM), and field service management (FSM). Hoist was founded in 2019 and is one of the largest IFS-focused systems integrators.

“We are deeply appreciative of the tremendous support we have received from our limited partners, who share our vision vis-à-vis empowering small business growth,” concluded Mr. Friedman. “Additionally, we are grateful for the partnership and support of the Small Business Administration, whose SBIC program enables us to provide much-needed capital to underserved markets and deserving entrepreneurs.”

Abacus Finance is headquartered in New York City and maintains a second office in Portsmouth, New Hampshire. The firm now manages approximately $1.3 billion in assets and has completed over $3.5 billion in total financings. Abacus is an affiliate of New York Private Bank & Trust, which was founded in 1850.

© 2025 Private Equity Professional | October 22, 2025