Mill Point Capital has closed its third private equity fund, at $1.7bn, nearly double the size of its previous fund. Mill Point Capital Partners III, which exceeded its $1.2bn target, will focus on lower mid-market companies across North America, according to a report by The Wall Street Journal.
The report cites unnamed sources familiar with the process, as revealing that the fund, led by Michael Duran, a former Ripplewood Holdings executive, significantly surpassed Mill Point’s second fund, which closed in 2021 with $886m, and its first fund, which raised $450m in 2018.
The firm raised the new fund with help from placement agent Asante Capital, as noted in a Securities and Exchange Commission filing. Key institutional investors include the South Carolina Retirement System, the Los Angeles Fire and Police Pensions, and the University of Houston System Endowment.
Mill Point, founded in 2017, takes an operationally-focused investment approach, targeting lower mid-market companies within the industrials, business services, and information technology sectors. The firm’s recent fundraising success is credited in part to major investment exits over the past year. Significant transactions include the sale of Prime Pensions to Lightyear Capital, International Designs Group to Home Depot, and Avenu Insights & Analytics to Arlington Capital Partners.
