MML Capital Partners has closed MML Keystone I and accompanying co-investment and managed vehicles, raising €935m ($1.10bn). The fundraise ranks among the largest on record for a new European strategy, according to data from Preqin.
Commitments were secured from institutional investors including pension funds, consultants, asset managers, funds of funds and family offices from Europe, North America, Asia, Australia and the Middle East.
MML Keystone invests at the intersection of private equity and infrastructure in the UK and Europe. It focuses on high-growth asset-backed businesses that provide essential services which accelerate, and benefit from, societal megatrends including the circular economy, energy transition, digitalisation, access to healthcare and education. The investments will typically have an equity ticket of €30m to €200m.
Keystone’s founding Managing Partners Andrew Honan and Sharand Maharaj have worked together since 2010, previously as senior leaders of Macquarie’s $50bn principal investing group. PJT Park Hill acted as global fundraising adviser for MML Keystone I, while Proskauer acted as legal adviser.
