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Laxman Pai, Opalesque Asia:

Lower-middle-market investment firm MPE Partners (Morgenthaler Private Equity) closed its oversubscribed MPE Partners III LP fund at its hard cap of $420 million.

The lower middle-market private equity firm based in Cleveland and Boston said in a news release that it launched fundraising in July and did not use a placement agent.

The vehicle will invest in business-to-business manufacturing and services companies, it added.

"Similar to our two prior funds, MPE Partners III was oversubscribed at its hard cap. We are honored to partner once again with our outstanding base of returning limited partners. We are also pleased to welcome a select number of new limited partners into the fund," said Peter Taft, Partner at MPE.

"Key to our success has been the firm's ability to develop and strengthen our team, including the promotions of Matt Yohe and Graham Schena to Partner back in 2018. We also added several talented board members, consultants, and advisors to our Executive Council network. Finally, we continue to partner with C-suite executives seeking to embark upon their next career opportunity through the firm's On Deck Circle program," noted Joe Machado, Partner at MPE.

"Raising a private equity fund in the middle of a global pandemic is a challenging task. 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 c......................

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