Mill Point gathers $886m for second fund

Mill Point Capital has closed its second fund at $886 million.

Mill Point Capital has closed its second fund at $886 million. Mill Point Capital Partners II’s limited partners include endowments, foundations, government and corporate pension plans, insurance companies, family offices, and funds of funds. Acalyx Advisors Inc was placement advisor. Mill Point invests in lower middle-market companies in North America across the industrial, business services, and IT services sectors.

PRESS RELEASE

NEW YORK–(BUSINESS WIRE)–Mill Point Capital LLC (“Mill Point”), a New York City based private equity firm, announced today the final close of Mill Point Capital Partners II, L.P. (“Fund II”). Fund II was highly oversubscribed with $886 million of total capital commitments and closed at its hard cap in less than four months. This is the second fund raised by Mill Point, which targets control investments in lower middle-market companies in North America across the industrial, business services, and IT services sectors.
Fund II was raised entirely virtually and attracted a diverse group of global investors, including leading endowments, foundations, government and corporate pension plans, insurance companies, family offices, and funds of funds.

“We are grateful for the strong support from our existing limited partners and overwhelming interest from new limited partners, especially during these unprecedented times,” commented Michael Duran, Founder & Managing Partner of Mill Point.

“We look forward to continuing to partner with lower middle-market businesses where we can implement transformative strategic initiatives and operational improvements to build enduring value,” added Dustin Smith, Partner of Mill Point.

Acalyx Advisors Inc. (“Acalyx”) served as exclusive placement advisor.

“Launching and closing a fund completely virtually was quite extraordinary, but it is clear that institutional investors are committed to backing disciplined firms with a compelling strategy and resilient portfolio,” noted Jennifer Cho Rinehart, Partner of Acalyx.

Kirkland & Ellis LLP served as legal counsel to Mill Point.