MML Capital Partners has raised €935m at the final close of its MML Keystone I fund, with commitments from a globally diverse group of institutional investors, including pension funds, asset managers and funds of funds from Europe, North America, Asia, Australia and the Middle East.
MML Keystone targets asset-backed businesses across Europe that provide essential infrastructure resilience services, combined with the growth potential of private equity.
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 between €30m and €200m, MML said.
The MML Keystone I fund has already signed six investments, including Premier Modular, a lessor of modular buildings for essential infrastructure, such as schools and hospitals; Waste Vision, a European provider of smart waste management solutions; and Lowe, a sustainable refrigeration-as-a-service and associated kitchen infrastructure.
Andrew Honan, co-managing partner, MML Capital Partners, said: “Raising over €900m for a first-time strategy is a strong endorsement of both the team and the Keystone investment approach. We are grateful for the confidence shown by our investors, both those who have partnered with MML for many years and the significant number of high-quality new relationships.
“The scale and quality of support provide a solid foundation as we continue to build the portfolio, both in making new investments and working with the management of our existing platforms to drive sustainable growth.”
Sharand Maharaj, co-managing partner, MML Capital Partners, said: “We created MML Keystone to invest in a part of the market that is structurally under-served: asset-backed businesses providing essential services with the resilience of infrastructure and the growth potential of private equity.
“We focus on platforms where value is created through systemised asset growth and operational improvement. The strength of support from sophisticated LPs reflects confidence in that approach.
“Our priority now is execution: scaling high-quality businesses responsibly to meet long-term societal demand and generate durable, consistent returns.”
Jonty Graham, MML Capital Partners, partner and head of investor relations, said: “MML Keystone I caps off a hugely successful year for MML during which we reached final close on five funds that raised more than €2.4bn in aggregate.
“We welcomed over 40 new limited partners across several MML vehicles and are very grateful for the trust and support these institutions are placing in us.”
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