MiddleGround Capital has raised more than $730m of capital across a trio of funds, including a new vehicle dedicated to the future of vehicles.
The Kentucky-based buyout house beat its $550m target for its Middleground Partners II fund, and also closed a co-investment vehicle and the Mobility Opportunity Fund.
Middleground previously raised just shy of $460m for its debut fund in 2019, with a strategy of backing B2B companies in the industrials and specialty distribution markets.
Fund II and the co-investment vehicle will continue that strategy in addition to targeting deals in infrastructure and Industry 4.0, among others.
The Mobility Opportunity Fund will act as a dedicated overflow vehicle focused on investments in areas such as electrification of the powertrain, vehicle light weighting, connected and autonomous vehicles.
MiddleGround was founded in 2018 by former Monomoy Capital execs John Stewart, Lauren Mulholland, Scot Duncan and Monica McClinton.
Stewart and Duncan also spent many years together working for Toyota Motor Corp before heading into private equity.
MiddleGround has made seven platform investments and three add-on acquisitions, six of which were completed during the pandemic last year.
Founding partner John Stewart said, “It is an exciting time to be working in private equity.
“The time for making money at the expense of the planet, the employees in our companies, and without transparency has passed.
“Over the last three years, we have built our firm based on an understanding that our investors are our customers and that we need to be responsive to their needs.
“We are extremely pleased by the market response to our current fund offerings and want to thank all of our investors for their support.”
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Source: https://www.altassets.net/private-equity-news/by-pe-sector/specialist-pe-sectors/middleground-collects-over-730m-across-triple-fundraise-including-new-future-of-vehicles-fund.html