Monomoy Capital Partners Raises $400M for Second Restructuring Fund

Jan 6 2011 | 9:44am ET

New York-based private equity specialist Monomoy Capital Partners has commitments of $400 million for the final closing of its second restructuring fund, Monomoy Capital Partners II.

The firm, which makes control equity investments in underperforming companies in the lower middle market, topped its $350 million fundraising target for the fund which was "significantly" oversubscribed. Monomoy says that, with the inclusion of a separate executive fund and the financial commitments of a general partner, it has about $420 million to invest in the second vehicle.

A “substantial majority” of Monomoy’s existing investors committed money to the second fund, which also attracted new money from Europe and the U.S.. Of the total capital raised for the Monomoy Capital Partners II fund, 34% came from public and corporate pension funds; 33% from funds of funds; 24% from endowments, family offices and foundations and 9% from insurance companies.
 
“We are thrilled with the quality and diversity of the limited partners that have committed to our second fund,” said Stephen Presser, a partner at Monomoy Capital Partners. “The loyalty of our existing investor base plus strong interest from new investors reflects the success of our first fund.  Our second fund will allow Monomoy to take advantage of the unprecedented turnaround opportunities we see in the middle market as we continue to emerge from the economic turmoil of the past two years.”
 
Monomoy, which was founded in 2005, targets sound businesses with $70 to $400 million in annual revenues in the manufacturing, services, distribution and consumer sectors facing operational, financial or strategic stress.

Through its debut fund, Monomoy has completed 30 transactions over the last five years and currently owns 10 businesses that collectively employ more than 4,000 people in the U.S., Europe, Mexico, South America and Asia.


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