MP NEXT CAPITAL

Thesis

MP Next Capital, formerly Milestone Partners, is a private equity firm based in Villanova, Pennsylvania, focusing on control investments in the technology-enabled services sector. They target lower middle market businesses with revenues between $10 million and $250 million and EBITDA between $3 million and $50 million. Their strategy involves partnering with founders and management teams to scale platforms with durable growth, emphasizing niche, high-margin, technology-enabled services businesses that exhibit compelling supply and demand dynamics. Key criteria include proprietary technology, data-driven platforms, capital-light operations, attractive unit economics, and strong customer retention. They seek founder-led businesses in North America, including bootstrapped companies with proven track records and clear strategic visions. The firm's approach includes modernizing operations, accelerating growth, and building resilient, high-margin platforms, prioritizing alignment between management goals, company needs, and investor outcomes. As of December 31, 2025, they managed approximately $590.7 million in client assets and have deployed over $1.2 billion in capital. The firm was founded in 1995.