Cleveland, Ohio-headquartered Key Principal Partners has closed its third fund, KPP Investors III, on $500m. The fund makes non-controlling mezzanine and control equity investments in middle-market companies.
‘The close of our third fund caps off a strong year for KPP,’ said John Sinnenberg, CEO of KPP. ‘We are particularly happy to have completed fundraising at this time.’
To date, the fund has made one investment, a $26m common equity investment in Clover Technologies.
KPP invests in middle-market companies throughout North America. The firm has approximately $1.5bn in capital under management and can invest $7m to $35m in companies with at least $20m in revenue.
Additionally, KPP manages $800m in a fund of funds that makes both primary and secondary investments, and its venture practice has approximately $200m in capital under management to provide expansion capital for venture stage companies.
KPP is affiliated with Cleveland-based KeyCorp, a large bank-based financial services company with assets of approximately $93bn.
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