Morgenthaler Private Equity (MPE) Partners has raised $633 million for its fourth investment fund, MPE Partners IV.
The private equity firm, which is co-based in Cleveland, expects to use the fund to invest in entrepreneur- and family-owned companies in the business-to-business manufacturing and services sectors, similar to MPE's prior funds, MPE said Tuesday.
MPE has two primary target investment areas: high-value manufacturing, and commercial and industrial services.
"When we launched MPE Partners in 2012, our goal was to develop a leading franchise dedicated to lower middle market investing with an emphasis on family- and entrepreneur-owned companies," Joe Machado, partner at MPE, said in a statement.
Prior to forming MPE, the partners — Machado, Peter Taft and Karen Tuleta — managed the private equity investments of Morgenthaler, a national venture capital and private equity investment firm based in Cleveland.
MPE was formed as a separate and distinct entity from Morgenthaler, which was founded in 1968 by the late David Morgenthaler, a Cleveland-based entrepreneur, to pursue venture capital and private equity investments.
