Ohio School Employees commits $40m to Monomoy

The KPS spinout, which has been one of the more active firms in the downturn, is targeting $350m for its second fund.

The Ohio School Employees Retirement System has committed $40 million to Monomoy Capital Partners, which is targeting $350 million for its second fund.

Ohio has been a consistent private equity investor this year. The $9 billion pension committed $40 million a piece to Francisco Partners and Mason Wells in January.

Monomoy, 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. The firm targets companies with $50 million to $300 million in sales, and tries to make equity investments of $10 million to $50 million.

The firm has continued investing through the market downturn, mostly in add-on acquisitions to platform companies. For example, the firm, which typically targets struggling US companies, built up its plastic molder platform, paying an undisclosed amount for Moll Ramos, a plastic molder with facilities in Mexico, in February 2009.

The firm also acquired L&P Plastics, which makes parts for power tools, medical devices, furniture and vehicles, in September 2008, for an amount also undisclosed.

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