MML closes sixth fund on €438m

Katharina Semke
07 March 2016

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MML Capital Partners has held a final close on тЌ438m for its sixth fund, MML Capital Partners Fund VI, surpassing its тЌ350m target.

The fund's launch coincided with its first closing in December 2014. MML used a placement agent for fundraising in the US and worked with King & Wood Mallesons on the legal side. The vehicle, which is based in Jersey, has a standard lifespan of 10 years, with a five-year investment period.

MML's latest vehicle, MML Growth Capital Partners Ireland, was launched to back SMEs in Ireland. The fund exceeded its €75m target and closed on its €125m hard-cap in November 2013.

Investors
The fund's LPs are pension funds, insurance companies, funds-of-funds, advisers and family offices from the US, Europe and Asia.

Investments
MML Fund VI will focus on investing with owners of growing businesses across the UK, US and France. The vehicle has completed five investments to date and made a further six acquisitions to those businesses. This represents 20% of the capital. MML targets a total 15-20 investments with initial investment size of €10-50m and is also open for co-investments.

The fund's most recent investment was offshore medical support business Energy Medical Services, which it bought from Capita. As part of the deal, MML rebranded the company as Iqarus. The company's CEO, Tim Mitchell, invested alongside the GP.