Monomoy Capital Partners has closed its third fund, Monomoy Capital Partners III, on $740 million, above its $650 million target, according to filings with the Securities and Exchange Commission.
Monomoy Capital Partners III is a mid-market, turnaround fund that invests in industrials and consumer goods in North America. The New York State Teachers' Retirement System is a limited partner of the fund.
The fund's predecessor, Monomoy Capital Partners II, closed on $420 in 2014, above its $350 million target. Fund II had a 2.8x investment multiple and a 68.4 percent net IRR, as of 30 September 2015, according to the California Public Employees Retirement System (CalPERS).
Limited partners in Monomoy's second fund include the Finnish Local Government Pensions Institution (KEVA) , School Employees' Retirement System of Ohio , Hatteras Investment Partners and Houston, Texas-based the Endowment Master Fund, which also committed to Monomoy's 2007 first fund.
Lazard Freres & Co. and Acalyx Advisors served as placement agents for Fund III.
Monomoy declined to comment.
Monomoy Capital Partners was founded in 2005 and as of May 2016 had $986 million of assets under management. The firm focuses on distressed and turnaround strategies, according to PEI Research and Analytics.