Monomoy collects $320m for Fund II

The firm, led by three partners including Stephen Presser, is close to its $350m target for its second fund.

Monomoy Capital Partners has collected $320 million for its second fund targeting $350 million, according to a source with knowledge of the situation.

The New York-based firm’s Fund II is focused on distressed and turnaround investments. Monomoy Capital Partners declined to comment. The firm is using MVision Private Equity Advisors as a placement agent.

Stephen
Presser

In March, Monomoy received a $40 million commitment from The Ohio School Employees Retirement System. The firm, which closed its first fund in 2007 on $280 million, spun out of KPS in 2005 to concentrate on the smaller end of the mid-market. Monomoy targets companies with $50 million to $300 million in sales, and aims to make equity investments of $10 million to $50 million.

The firm has continued to make investments through the downturn, mostly in add-on acquisitions to platform companies. In 2009, Monomoy built up its plastic molder platform, paying an undisclosed amount for Moll Ramos, a plastic molder with facilities in Mexico.

Monomoy was founded by Stephen Presser, Daniel Collin, Justin Hillenbrand and Philip Von Burg, all of whom left KPS.