Munich Private Equity Partners (MPEP), an investment boutique specializing in private equity fund of funds for institutional investors, has launched its sixth fund of funds program. MPEP VI continues the proven strategy of its predecessors by investing exclusively in primary buyout funds in the lower mid-market segment, with a focus on Europe and North America. Through separate vehicles for each of the two investment regions, professional investors can flexibly determine their geographic allocation at the time of commitment.
MPEP VI is an actively managed fund without reference to an index. Both regional vehicles are classified as Article 8 products under the Sustainable Finance Disclosure Regulation (SFDR). The target volume is €350 million. The target for the previous fund generation, MPEP V, was originally set at €300 million. The program significantly exceeded this target over the course of fundraising, closing in November 2024 with total commitments of €440 million.
Focused strategy ensures alignment of interest
"The decision to consistently continue our strategy in sixth generation and to only moderately increase the target volume despite strong investor demand was a very conscious one. Our aim is not to achieve rapid growth in assets under management, but to unlock the strong return potential of the lower mid-market for our investors through partnerships with best-in-class fund managers," says Christopher Bär, Managing Director at MPEP.
“That's why we are fully committed to investing exclusively in primary funds, as we believe that additional decision factors, such as a high share of ‘fee-free, carry-free’ co-investment- and secondary dealflow, can significantly limit manager selection. In our experience, the most successful fund managers typically have little incentive to allow investors to participate in their investments 'for free' through co-investments. Our pure play approach enables us to focus the selection process solely on the investment quality of our partners.”
With MPEP VI, the private equity fund-of-funds specialist aims to commit to 10 to 12 lower mid-market funds per investment region. Selection criteria include industry-leading performance in prior programs, significant GP commitment, sourcing advantages and demonstrated expertise in strategic and operational value creation across market cycles.
Significant return dispersion in the lower mid-market
“The performance dispersion between an average and a top-quartile-performing manager is meaningful in the lower mid-market – far more so than in the large cap segment,” says David Schäfer, Managing Director at MPEP. “History shows that only a small number of teams consistently deliver outperformance across cycles. These fund managers are typically in high demand, allowing them to also be highly selective in choosing their investors”.
Hans-Christian Moritz, also Managing Director at MPEP, adds: “Even in the more challenging fundraising environment of recent years, gaining access to managers with differentiated strategies and strong track records remains one of the greatest challenges. The most successful managers continue to reach their hard cap within just two to four months. Securing access to this level of investment quality requires expertise, long-standing relationships, a rigorous selection process and a clear positioning as a reliable partner – which is precisely where our strengths lie.”
3.6x MOIC across 121 exits
Since its founding in 2011, MPEP has completed more than 100 buyout fund investments – 95% of which were heavily oversubscribed. MPEP’s consistently applied lower mid-market strategy across the fund-of-funds programs I-V Europe and North America has generated an average gross multiple on invested capital (MOIC) of 3.6x across all 121 realized company exits (from 1 January 2016 to 31 December 2024). The investor base includes pension funds, banks, insurance companies, family offices and foundations from both Germany and abroad.
As all investments, investing in this product may also entail risks such as market volatility and company-specific risks, liquidity risk or currency risks. Further details can be found in the offering document.
About Munich Private Equity Partners
Munich Private Equity Partners (MPEP) is a specialist for private equity fund investments in the lower mid-market buyout segment, overseeing 2.7bn assets. The product offering for institutional investors constitutes carefully selected fund-of-fund portfolios focusing solely on primary buyout funds in Europe and North America. Since its inception in 2011, MPEP has made more than 100 buyout fund investments – 95% of which were significantly oversubscribed.
More information: www.mpep.com
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