MML Capital Closes €935 Million Keystone I Fundraise

MML Capital Partners announced it has reached a final close for MML Keystone I and related co-investment and managed vehicles, raising €935 million (about $1.10 billion) for the debut strategy, with commitments from institutional investors across Europe, North America, Asia, Australia, and the Middle East.

The firm described Keystone as an investment strategy operating at the intersection of private equity and infrastructure across the UK and Europe, targeting high-growth, asset-backed businesses that provide essential services tied to megatrends including the circular economy, energy transition, digitalisation, and access to healthcare and education. MML said Keystone investments typically involve equity checks of €30 million to €200 million.