Ireland-based private equity firm MML Growth Capital Partners is targeting €125m ($141m) or more for its second fund and will likely approach corporates that backed its first fund, the Irish Independent reported today.
Healthcare provider Cigna, financial services firm AIB and Goldpoint Partners, an investment vehicle for insurance provider New York Life, were all limited partners for the firm’s inaugural vehicle, as were Enterprise Ireland and the European Investment Fund.
All the existing corporate backers will likely be sought out for LP commitments to the new fund, MML Growth Capital Partners Ireland II. MML itself targets small-to-medium sized enterprises in Ireland, with initial investments ranging from about $5.5m up to $17m.
The firm held the first and final close of its inaugural vehicle in 2013 after reaching its $168m hard cap.
MML’s previous investments include vocational skills and training service provider Learning Curve, medical equipment maker Luneau Technology, office services provider Instant, kitchen equipment manufacturer Tournus and catering services provider CH&Co.