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Monomoy targeting $1.6bn for new mid-market PE fund

New York-based private investment firm Monomoy Capital Partners is targeting a fundraise of around $1.6bn for its next private equity fund, which will focus in investments in business in the industrial and distribution sectors, according to a report by PitchBook.

The report cites an unnamed source as confirming that the fund could be launching by the end of this year.

Monomoy has closed two funds in the past two years and if the new vehicle reaches its fundraising target it will be roughly 45% larger than its predecessor, Fund IV, which closed on more than $1.1bn in 2021.

The firm also closed a credit strategy – Monomoy Credit Opportunities Fund II – on 7 September with $300m in capital commitments, which will focus on secondary investments in first-lien term loans and senior secured notes in middle-market and lower-middle-market companies.

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