The Continuation Fund has been established to acquire interests in two leading European business services companies currently held across prior MML Partnership Capital funds, alongside stakes held by other shareholders.
Under MML’s ownership, both companies have delivered exceptional growth—more than doubling EBITDA during the hold period—through a combination of strong organic performance and a set of strategic acquisitions. The Continuation Fund offers existing limited partners the choice to realise attractive returns or maintain exposure for the next stage of growth.
Through this transaction, the companies will benefit from the continued backing and strategic support from MML and their management teams, positioning them for further growth and development throughout the next ownership cycle. MML is committed to delivering further value creation for investors, with the Continuation Fund providing the additional time and capital needed to drive further expansion in the coming years.
The Continuation Fund, which closed significantly oversubscribed, was underwritten by HarbourVest Partners as Senior Lead Investor and StepStone Group as Co-Lead Investor, with additional commitments from a number of existing and new investors.
Ian Wallis, Co-CEO at MML, commented:
“We are delighted with the successful closing of MML Dorchester SCSp and look forward to continuing our partnership with these outstanding companies and management teams. We would also like to thank all of our investors, both existing and new, for their support during this transaction and we look forward to building further value during the next chapter of our ownership.“
Jonty Graham, Head of Investor Relations at MML, commented:
“With the closing of MML Dorchester SCSp, MML has achieved five successful fund closes in 2025, with four of these oversubscribed and hitting their hard cap. Across these vehicles, we welcomed 40 new LPs and raised over €2.44 billion from investors. We are very grateful for our investors’ continued trust and conviction in MML and look forward to the journey ahead.“
Edward Holdsworth, Managing Director at HarbourVest Partners, added:
“We are delighted to partner with MML again on this transaction. Delivering thoughtful, customised solutions to leading General Partners and supporting their high-quality portfolios in their value creation journey is a core element of HarbourVest’s continuation solutions strategy.”
Philippe Ferneini, Partner at StepStone Group, stated:
“We are excited to extend our collaboration with MML and its investors on this transaction, which is aligned with our focus on partnering with high-conviction sponsors to acquire what we believe to be high-quality assets offering compelling growth opportunities”.
PJT Partners served as exclusive financial adviser and Simpson Thacher & Bartlett acted as legal counsel on the transaction.
Rothschild & Co advised on the refinancing processes and provided strategic corporate finance advice for the portfolio companies included in the Continuation Fund.
About HarbourVest Partners
HarbourVest is an independent, global private markets firm with over 43 years of experience and more than $146 billion of assets under management as of June 30, 2025. Our interwoven platform provides clients access to global primary funds, secondary transactions, direct co-investments, real assets and infrastructure, and private credit. Our strengths extend across strategies, enabled by our team of more than 1,270 employees, including more than 230 investment professionals across Asia, Europe, and the Americas. Across our private markets platform, our team has committed more than $64 billion to newly-formed funds, completed over $66 billion in secondary purchases, and invested over $49 billion in direct operating companies. We partner strategically and plan our offerings innovatively to provide our clients with access, insight, and global opportunities.
About StepStone Group
StepStone Group Inc. (Nasdaq: STEP) is a global private markets investment firm focused on providing customized investment solutions and advisory and data services to its clients. As of September 30, 2025, StepStone was responsible for approximately $771 billion of total capital, including $209 billion of assets under management. StepStone’s clients include some of the world’s largest public and private defined benefit and defined contribution pension funds, sovereign wealth funds, and insurance companies, as well as prominent endowments, foundations, family offices, and private wealth clients, which include high-net-worth and mass-affluent individuals. StepStone partners with its clients to develop and build private markets portfolios designed to meet their specific objectives across the private equity, infrastructure, private debt, and real estate asset classes.
StepStone has one of the largest private markets secondary and liquidity solutions platforms globally, with $51 billion of assets under management as of September 30, 2025, leveraging deep sponsor relationships and diligence advantages to deliver attractive investment opportunities for our investors. Since inception to September 30, 2025, StepStone has deployed $18 billion in 250+ private equity buyout and growth equity secondaries transactions across a balanced mix of LP-led and GP-led opportunities.