MML Capital has closed its debut continuation vehicle, MML Dorchester SCSp, with more than €630 million of investor commitments after what the firm described as a significantly oversubscribed fundraising. MML said the continuation fund was created to acquire interests in two European business services companies currently held across prior MML Partnership Capital funds, alongside stakes owned by other shareholders. Under MML’s ownership, the firm said both companies delivered strong performance during the hold period, more than doubling EBITDA through a combination of organic growth and strategic acquisitions.
The structure provides existing limited partners the option to either realize returns at the transaction or maintain exposure for what MML described as the next stage of value creation and expansion. MML said the continuation fund will support further growth by providing additional time and capital, while keeping strategic backing in place alongside the portfolio companies’ management teams.
The continuation fund was underwritten by HarbourVest Partners as senior lead investor and StepStone Group as co lead investor, with additional commitments from other new and existing investors. MML also highlighted broader fundraising momentum in 2025, stating it achieved five successful fund closes during the year, with four oversubscribed and hitting their hard caps, and said it welcomed 40 new limited partners while raising more than €2.44 billion across those vehicles.
Advisers on the transaction included PJT Partners as exclusive financial adviser and Simpson Thacher and Bartlett as legal counsel. Rothschild and Co advised on refinancing processes and provided corporate finance advice for the portfolio companies included in the continuation fund.
KEY QUOTES:
“We are delighted with the successful closing of MML Dorchester SCSp and look forward to continuing our partnership with these outstanding companies and management teams. We would also like to thank all of our investors, both existing and new, for their support during this transaction and we look forward to building further value during the next chapter of our ownership.“
Ian Wallis, Co-CEO at MML
“With the closing of MML Dorchester SCSp, MML has achieved five successful fund closes in 2025, with four of these oversubscribed and hitting their hard cap. Across these vehicles, we welcomed 40 new LPs and raised over €2.44 billion from investors. We are very grateful for our investors’ continued trust and conviction in MML and look forward to the journey ahead.“
Jonty Graham, Head of Investor Relations at MML
“We are delighted to partner with MML again on this transaction. Delivering thoughtful, customised solutions to leading General Partners and supporting their high-quality portfolios in their value creation journey is a core element of HarbourVest’s continuation solutions strategy.”
Edward Holdsworth, Managing Director at HarbourVest Partners
“We are excited to extend our collaboration with MML and its investors on this transaction, which is aligned with our focus on partnering with high-conviction sponsors to acquire what we believe to be high-quality assets offering compelling growth opportunities”.
Philippe Ferneini, Partner at StepStone Group
