MiddleGround Capital, a Kentucky-based, middle market private equity firm that makes control investments in B2B industrial and specialty distribution companies, has held final closes on its flagship fund MiddleGround Partners II, LP and a specialty vehicle focused on automotive investments, Mobility Opportunity Fund, LP. Both funds were oversubscribed with strong support from Fund I Investors.

MiddleGround Partners II, a continuation of the firm’s core strategy, and its affiliated parallel funds have closed with a total of USD800 million in commitments. MiddleGround has completed 10 transactions in Fund I which closed in August of 2019 with USD459.5 million of commitments. MiddleGround expects to complete two more platform investments in Fund I before turning to the Fund II campaign, likely later in 2021.

Founding Partner John Stewart says: “When we formed MiddleGround, we had a vision of building a firm for the long term. We are pleased that our approach continues to have broad support from our Fund I investors and has resonated with select new LPs. The last twelve months have been extremely challenging and we have seen so many changes in the market. It is hard to believe that in less than three years we have grown our team to over forty-five professionals, completed ten transactions and grown our AUM to over USD1.9 billion. Accomplishing all of this in the midst of a pandemic is a real testament to our team and the management teams at our portfolio companies.”

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Source: Private Equity Wire