Midwest Mezzanine Funds
Midwest Mezzanine Funds is a Chicago-based private investment manager founded in 1992 that provides $4-15 million of junior capital (subordinated debt and equity) to lower middle market manufacturing, distribution, and services companies, primarily alongside PE sponsors.
- Company typePrivate
- Founded1992
- HeadquartersChicago, United States
- Headcount11–50
- GTM typeB2B
- OfferingServices
What Midwest Mezzanine Funds does
Midwest Mezzanine Funds is a Chicago-based private investment manager founded in 1992 that provides junior capital to lower middle market companies in the United States. The firm structures subordinated debt, second lien term loans, last-out senior secured unitranche loans, and non-control equity co-investments, typically in $4-15 million tickets alongside PE sponsors, independent sponsors, family offices, and management teams for buyouts, recapitalizations, and acquisition financings. It targets companies with at least $3 million of EBITDA in the manufacturing, distribution, and services sectors.
The firm operates through a series of closed-end limited partnership funds, with four vehicles licensed as SBICs by the U.S. Small Business Administration. Across seven funds and 34 years, Midwest Mezzanine has invested more than $1 billion of junior capital in over 150 portfolio companies. Its most recent vehicle, Fund VII SBIC, closed at $267.5 million in October 2024, exceeding its $250 million target and supported by a diversified LP base of family offices, banks, insurance companies, institutional investors, and high net worth individuals. The firm maintains offices in Chicago and Grand Rapids, MI, and operates a relationship-driven origination model with no digital or self-serve channel.
The senior team — three Managing Directors, a CFO, and additional vice presidents, directors, and associates — averages 20+ years of private equity and leveraged finance experience, with backgrounds spanning LaSalle Bank, Heller Financial, BMO Harris, Maxim Partners, Webster Equity, and the Big Four. The business generates revenue primarily through management fees on committed capital, supplemented by deal-related fees and carried interest on investment realizations. Midwest Mezzanine is privately held with no parent company; founder Dave Gezon retired in 2024 and the firm is led by his longtime partners.
Midwest Mezzanine Funds firmographics
Firmographics- Name
- Midwest Mezzanine Funds
- Legal name
- Midwest Mezzanine Funds
- Website
- https://mmfcapital.com
- Company type
- Private
- Founded year
- 1992
- Operating status
- Operating
- Headcount range
- 11–50 employees
- Short description
- Midwest Mezzanine Funds is a Chicago-based private investment manager founded in 1992 that provides $4-15 million of junior capital (subordinated debt and equity) to lower middle market manufacturing, distribution, and services companies, primarily alongside PE sponsors.
- Ownership category
- akta.pro rank
Midwest Mezzanine Funds industry classification
Industry- Product category
- Mezzanine Capital / Junior Debt Financing
- NAICS
- Portfolio Management and Investment Advice (523940), Other Financial Investment Activities (5239)
- SIC
- Investment Advice (6282)
- akta.pro primary industry
- Mezzanine / Subordinated Debt (FSANADAC)
- akta.pro secondary industries
- Direct Lending — Junior Capital (Second Lien & Mezzanine) (FSAHAJAC), Large-Cap / Sponsor Finance Direct Lending (FSANADAJ), Impact Investment & Development Investment Funds (BPADACAO)
Keywords
Where Midwest Mezzanine Funds is headquartered
LocationHeadquarters
- HQ city
- Chicago
- HQ country
- United States
- HQ region
- North America
Offices2 records
Markets served
Midwest Mezzanine Funds business model
Business model- GTM type
- B2B
- Offering type
- Services
- Cost components
- Personnel, Operations, Marketing or Sales, Infrastructure
Revenue model
- Subordinated Debt Interest: Provides subordinated notes and second lien term loans to portfolio companies, generating interest income. Investment range of $4-15 million per transaction.
- Equity Co-Investments: Takes non-control equity positions alongside debt investments in conjunction with private equity acquisitions. Generates returns through equity appreciation and eventual exit.
- Management Fees and Carried Interest: As a fund manager with 7 funds (including 4 SBIC funds), generates management fees on committed capital and carried interest on investment returns.
Pricing tiers
| Model | Billing | Price |
|---|---|---|
| Other | Multi-year contract | Standard Investment: $4-15 million per transaction |
Go-to-market motion1 record
Distribution channels1 record
Marketing channels3 records
Midwest Mezzanine Funds product offering
Product offeringCore offering
Midwest Mezzanine Funds provides customized junior capital solutions—including subordinated notes, second lien term loans, last-out senior secured unitranche term loans, and non-control equity co-investments—to lower middle market companies in the manufacturing, distribution, and services sectors. The firm typically invests $4–15 million per transaction in companies with at least $3 million in EBITDA, financing private equity acquisitions, management buyouts, recapitalizations, and expansion capital needs.
Product overview
Midwest Mezzanine Funds is a lower middle-market mezzanine capital provider that offers a unified suite of junior capital products. The core offering consists of subordinated debt (including subordinated notes and second lien term loans), last-out senior secured unitranche term loans, and non-control equity co-investments—typically deployed together in customized capital structures for private equity-sponsored acquisitions. The firm manages multiple closed-end fund vehicles (currently Fund VII SBIC at $267.5 million), each deploying capital within a consistent investment strategy targeting EBITDA greater than $3 million companies in manufacturing, distribution, and services sectors. The firm does not offer a modular software platform; its 'product' is the structured capital solution itself.
Differentiator
Problem solved
Functional benefit
Products and services
- Subordinated Debt Financing
Quantifiable outcome
- 34 years of history as continuously managed mezzanine firm
- +2 more outcomes
Companies that use Midwest Mezzanine Funds
Customer profileNamed customers10 records
Segments4 records
Ideal customer profiles3 records
Midwest Mezzanine Funds technology and API
TechnologyTechnology focussed No
API detail
- Has API
- No
- API docs
- API detail
Core technology
AI maturity
App detail
Midwest Mezzanine Funds partnerships and signals
Strategic signalScale indicators9 records
Recent moves9 records
Expansion highlights6 records
Midwest Mezzanine Funds competitors and assessment
Company assessmentDirect peers
- Lightspring Capital Partners: Mezzanine and junior capital provider that co-invested with MMF in the ICAT Logistics acquisition — comparable sub-debt and equity co-investment model targeting the lower middle market PE-sponsor base.
- Northcreek Mezzanine: Cincinnati-based lower middle market mezzanine fund manager that has repeatedly co-invested alongside MMF in deals such as Truesdell Corporation and Western States Reclamation, offering very similar subordinated debt and junior capital products to the same PE sponsor base.
- Caltius Capital: Lower middle market mezzanine and junior capital provider that co-invested with MMF in deals such as Paramount Mechanical — directly comparable in fund structure, deal size ($5-20M range) and target sponsor base in the U.S. lower middle market.
- CapX Partners: Chicago-based middle market alternative debt provider focusing on senior, junior and equipment-backed credit facilities to PE-sponsored companies — overlapping product set (senior + junior tranches), geography (Midwest) and customer base with MMF; alumnus James Fox previously worked there.
- Eagle Private Capital: Lower middle market subordinated debt and equity co-investor that has partnered with MMF on multiple deals (Stealth Manufacturing, Charm Medical, The Cleaning Guys) — same product offering, same deal-size band and same PE-sponsor-driven origination channel.
- Oxer Capital: Co-investment partner of MMF across multiple Fund VII deals (Addison Traverse, Integra, Chippewa, Black Creek) — closely comparable as a junior-capital/sponsor-finance co-investor in the same U.S. lower middle market segment.
- Parkway Capital: Mezzanine investor that co-invested alongside MMF in deals such as Bay West and Imagine Technology Group — same product, same geography, same PE-sponsor counterparties.
Broad incumbents
- Main Street Capital: Public BDC providing junior capital (mezzanine debt and equity) to lower middle market companies — significantly larger and more diversified than MMF but competing in overlapping subordinated debt/unitranche segments with similar sponsor-driven originations.
- Golub Capital: Large direct lending and middle market credit franchise offering unitranche, second lien and mezzanine products to PE-sponsored lower middle market companies — broader scale and capital base but same target customer (PE sponsor) and product overlap.
Regional players
- Prairie Capital (now part of First Eagle / alternative credit): Historically a Chicago-area lower middle market mezzanine and sub-debt sponsor competing in the same regional deal market as MMF — comparable product focus on PE-sponsored transactions with similar check sizes and EBITDA thresholds.
Market position
Strengths5 records
Weaknesses5 records
Competitive moat5 records
Key risks6 records
Key highlights6 records
Customer concentration
Midwest Mezzanine Funds social profiles
Digital presenceMidwest Mezzanine Funds financial estimates
Financial estimateRevenue estimate
Valuation estimate
Midwest Mezzanine Funds leadership team
Management profileNumber of profiles
Profiles11 records
Midwest Mezzanine Funds funding detail
Funding detailFunding overview
Funding rounds
Investors
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
Midwest Mezzanine Funds M&A and investment
M&A and investmentM&A
Investments3 records
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about Midwest Mezzanine Funds
What does Midwest Mezzanine Funds do?
Midwest Mezzanine Funds provides customized junior capital solutions—including subordinated notes, second lien term loans, last-out senior secured unitranche term loans, and non-control equity co-investments—to lower middle market companies in the manufacturing, distribution, and services sectors. The firm typically invests $4–15 million per transaction in companies with at least $3 million in EBITDA, financing private equity acquisitions, management buyouts, recapitalizations, and expansion capital needs.
Is Midwest Mezzanine Funds a public or private company?
Midwest Mezzanine Funds is a private company. It is classified as founder individual operated bootstrapped and is currently operating.
When was Midwest Mezzanine Funds founded?
Midwest Mezzanine Funds was founded in 1992. It employs 11 to 50 people.
Where is Midwest Mezzanine Funds based?
Midwest Mezzanine Funds is headquartered in Chicago, United States, in the North America region.
How does Midwest Mezzanine Funds make money?
Three revenue lines are on record. Subordinated Debt Interest is the primary driver. The others are equity Co-Investments and management Fees and Carried Interest.
Who are Midwest Mezzanine Funds's main competitors?
Direct peers on record are Lightspring Capital Partners, Northcreek Mezzanine, Caltius Capital, CapX Partners, Eagle Private Capital, Oxer Capital and Parkway Capital. Broad incumbents are Main Street Capital and Golub Capital. Prairie Capital (now part of First Eagle / alternative credit) is listed as a regional player.
Does Midwest Mezzanine Funds have an API?
No public API is recorded for Midwest Mezzanine Funds.
What industry is Midwest Mezzanine Funds in?
Midwest Mezzanine Funds's product category is Mezzanine Capital / Junior Debt Financing. Its primary akta.pro industry code is FSANADAC, Mezzanine / Subordinated Debt, with a secondary code of FSAHAJAC, Direct Lending — Junior Capital (Second Lien & Mezzanine). Its NAICS code is 523940 and its SIC code is 6282.