MML Ireland closes oversubscribed Fund III at €235m hard cap
• MML Growth Capital Partners Ireland (MML Ireland) has closed Fund III at its €235 million hard cap, exceeding the original target.
• This is MML Ireland’s largest and most successful fundraise to date, reflecting strong investor confidence.
• Fund III attracted a diverse group of institutional investors, with significant re-ups from existing LPs and new commitments from:
• A European Asset Manager
• A US-based life insurance group
• Rory Quirke, Managing Partner and Co-Head of Investment, noted the fund’s oversubscription as a reflection of:
• Portfolio company quality
• Team performance
• Growing international interest in Irish SMEs
• Fund III will support Irish SMEs across a range of growth and transition scenarios, including:
• Expansion
• Acquisitions
• Recapitalisations
• Management buyouts (MBOs)
• Shareholder reorganisations
• Target investment range: €5–20 million, with capacity for €20–30 million deals.
• First investment from Fund III: Mail Metrics (completed in December 2024).
• Neil McGowan, Managing Partner and Co-Head of Investment, emphasized:
• Ireland’s attractiveness for investing in founder-led businesses
• The value of MML’s flexible capital model and active partnership approach
• Fund III will be deployed by a senior investment team including:
• Rory Quirke and Neil McGowan (Managing Partners)
• Shane Cooke, Chris Walsh, and Stephen Minogue (Directors)
• Builds on momentum from previous funds:
• Fund I (2013): €125 million
• Fund II (2019): €145 million
• Across Funds I and II:
• 23 platform investments made
• 13 realisations, generating over €545 million in proceeds
• Strong performance track record across sectors
