MPE closes third fund

Cleveland and Boston-based private equity firm MPE Partners announced the closing of MPE Partners III at the hard cap of $420 million. And despite launching the fund over the summer during a pandemic and not using a placement agent, MPE reported that the fund was oversubscribed. “Similar to our two prior funds, MPE Partners III was oversubscribed at its hard cap,” observed Peter Taft, partner at MPE. The firm also added several talented board members, consultants and advisors to its executive council network, according to MPE Partner Joe Machado. “We continue to partner with C-suite executives seeking to embark upon their next career opportunity through the firm’s On Deck Circle program,” he added. The other MPE Partners are Karen Tuleta, Matt Yohe and Graham Schena. “Raising a private equity fund in the middle of a global pandemic is a challenging task,” Tuleta said. “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.” The investment aim for the third fund is business-to-business manufacturing and services companies, which is similar to the strategy employed by the firm’s prior funds. The company invests in profitable, lower middle market companies with EBITDA typically between $5 million and $20 million. Primary target investment areas are high-value manufacturing and commercial and industrial services.

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