MPE Partners, a lower middle market private equity firm based in Cleveland and Boston, said it closed its oversubscribed third fund, MPE Partners III L.P., at the hard cap of $420 million.
The firm said in a news release that it launched fundraising in July and did not use a placement agent.
MPE “expects to invest MPE Partners III in business-to-business manufacturing and services companies similar to those in MPE’s prior funds,” according to the release.
Peter Taft, a partner at MPE, said in a statement, “Similar to our two prior funds, MPE Partners III was oversubscribed at its hard cap. We are honored to partner once again with our outstanding base of returning limited partners. We are also pleased to welcome a select number of new limited partners into the fund.”
Another MPE partner, Karen Tuleta, added, “Raising a private equity fund in the middle of a global pandemic is a challenging task. We are grateful for the trust our limited partners have placed in us, the tireless effort of our investment staff, and the outstanding performance of our portfolio company management teams.”
MPE — the letters stand for Morgenthaler Private Equity — says it invests in profitable, lower middle market companies with EBITDA (earnings before interest, taxes, depreciation and amortization) typically between $5 million and $20 million. MPE’s primary target investment areas are high-value manufacturing and commercial and industrial services.
