Mill City
Private equityMinneapolis · Growth · 4 people tracked
Also known as Mill City Capital, L.P.
Investment thesis
Mill City Capital pursues buyouts, owner and entrepreneur recapitalizations, and take-private transactions in lower middle market companies valued between $15 million and $100 million. Its strategy centers on businesses headquartered in the Upper Midwestern United States (Minnesota, Wisconsin, Iowa, the Dakotas, Nebraska and Illinois) and western/central Canada, leveraging deep regional relationships. The firm targets less cyclical consumer segments such as non-discretionary food products, ingredients, distribution and durable household goods, alongside industrial segments tied to global energy, mining, mechanized agriculture, aerospace and medical equipment. It seeks companies positioned to benefit from demographic, lifestyle, globalization and resource-driven tailwinds across North America.
Source: firm website, verified Aug 6, 2026.
Team · 4 people
from the firm's website
Investments · 4 tracked
founders shown can be your intro pathFund performance · per public LP disclosures · 2
as of Jun 2025| Fund | Vintage | Committed | Net IRR | TVPI | DPI |
|---|---|---|---|---|---|
| Mill City Fund IILPs: New York City Police Pension Fund | 2014 | — | -4.1% | 0.77x | 0.77x |
| MILL CITY IILPs: New York City Board of Education Retirement System | — | — | — | 1.66x | — |
Source: public limited-partner disclosures (CalPERS, CalSTRS). Net IRR / TVPI / DPI as reported by the limited partner; a fund's early-year IRR is an interim estimate (J-curve).
Frequently asked questions
- What stage does Mill City invest at?
- Mill City invests at the Growth stage.
- What is Mill City's typical check size?
- Mill City typically writes checks of $5M – $20M.
- What sectors does Mill City focus on?
- Mill City focuses on Advanced Manufacturing, AgTech, Consumer, Energy, FoodTech.
- Where is Mill City located?
- Mill City is headquartered in Minneapolis, US.
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