MML Capital Partners announced it has reached a final close for MML Keystone I and related co-investment and managed vehicles, raising €935 million (about $1.10 billion) for the debut strategy, with commitments from institutional investors across Europe, North America, Asia, Australia, and the Middle East.
The firm described Keystone as an investment strategy operating at the intersection of private equity and infrastructure across the UK and Europe, targeting high-growth, asset-backed businesses that provide essential services tied to megatrends including the circular economy, energy transition, digitalisation, and access to healthcare and education. MML said Keystone investments typically involve equity checks of €30 million to €200 million.
Keystone is led by founding managing partners Andrew Honan and Sharand Maharaj, who have worked together since 2010 and previously held senior roles within Macquarie’s principal investing group. MML said the team is pursuing deals in the lower mid-market, aiming to combine infrastructure-like downside protection and cashflow resilience with private-equity-style operational value creation.
MML said the fund has already signed six investments and highlighted several platforms including Global Packaging Services, Premier Modular, Waste Vision, ekeg, and Lowe. The firm said it takes a hands-on approach intended to professionalise and scale businesses, including systemising asset growth and positioning assets for potential exits to infrastructure investors and strategic buyers.
PJT Park Hill served as global fundraising adviser for MML Keystone I, and Proskauer acted as legal adviser, according to MML.
KEY QUOTES:
“Raising over €900 million for a first-time strategy is a strong endorsement of both the team and the Keystone investment approach. We are grateful for the confidence shown by our investors, both those who have partnered with MML for many years and the significant number of high-quality new relationships. The scale and quality of support provide a solid foundation as we continue to build the portfolio, both in making new investments and working with the management of our existing platforms to drive sustainable growth.”
Andrew Honan, Co-Managing Partner
“We created MML Keystone to invest in a part of the market that is structurally under-served: asset-backed businesses providing essential services with the resilience of infrastructure and the growth potential of private equity. We focus on platforms where value is created through systemised asset growth and operational improvement. The strength of support from sophisticated LPs reflects confidence in that approach. Our priority now is execution: scaling high-quality businesses responsibly to meet long-term societal demand and generate durable, consistent returns.”
Sharand Maharaj, Co-Managing Partner
“MML Keystone I caps off a hugely successful year for MML during which we reached final close on five funds that raised more than €2.4 billion in aggregate. We welcomed over 40 new LPs across several MML vehicles and are very grateful for the trust and support these institutions are placing in us.”
Jonty Graham, Partner & Head of IR
