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Milestone Partners exceeds fundraising target with USD230m third fund

Pennsylvania-based Milestone Partners has announced the closure of its latest fund, Milestone Partners III, with capital commitments of some USD230m, exceeding its USD200m fundraising t

Pennsylvania-based Milestone Partners has announced the closure of its latest fund, Milestone Partners III, with capital commitments of some USD230m, exceeding its USD200m fundraising target.

Milestone says it has attracted a diverse investor base, including a wide range of institutional investors, family offices and entrepreneurs.

In addition to the participation of nearly all of the investors in the USD120m Milestone Partners II, the third fund includes several new institutional limited partners, including public pension funds, insurance companies and funds of funds.

John Shoemaker of Milestone Partners says: ‘Everyone at Milestone appreciates the confidence that both our pre-existing investors and our new investors have demonstrated in our firm, especially in a difficult fundraising environment. We look forward to continuing our disciplined approach to investing in the new fund.’

Milestone has already completed four acquisitions through the new fund, including: Fatz Cafe, a casual dining restaurant chain; Safemark Systems, a provider of in-room hospitality safes; Global Connection, a marketer of prepaid wireline phone service; and Black Letter Discovery, the first acquisition by Callidus, a new litigation support consolidation platform sponsored by Milestone.

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