DFX Intelligence
Venture Capital Intelligence
Firms, funds, partners, companies and rounds from sworn filings, firm sites and announcements, kept as a graph with a date and a source on every edge. Facts, inferences and estimates are labelled as such. A fund target is never a close, GAV is never dry powder, and a round size is never an investor’s check.
Firms / Mill City Capital, L.P.
Mill City Capital, L.P.
Mill City Capital L.P. is a private equity firm based in Minneapolis, Minnesota.
no sworn venture fact yet (name or round mention only)
Importance
19
moderate
Active deployment
15
moderate
Emerging
0
low
Completeness
69
high
Freshness
100
high
Research priority
7
low
Identity and regulatory footprint
- Headquarters
- Minneapolis, MNadviserinfo.sec.gov
- Office address
- 227 COLFAX AVE N, Minneapolis, MN, 55405adviserinfo.sec.gov
- Business phone
- 612-238-9500adviserinfo.sec.gov
- SEC adviser type
- exempt reporting adviseradviserinfo.sec.gov
- SEC exemption claimed
- private fund adviseradviserinfo.sec.gov
- Latest Form ADV
- May 7, 2024
- Private funds reported
- 2 (0 venture capital funds)adviserinfo.sec.gov
- Private fund gross assets
- $87.2Madviserinfo.sec.govreported GAV of the funds, the adviser's own number; not fund size, not dry powder
- Owners on Schedule A
- MCC Ultimate GP, LLC (General Partner), NA
- business email
- info@millcitycapital.commillcitycapital.compublished by the subject
- business phone
- 612-238-9500adviserinfo.sec.govpublished by the subject
Stated thesis versus observed behaviour
4 observed deals
Stated (the firm’s website)
- Sectors
- consumer, industrial
- Stages
- not stated or not yet read
- Geography
- midwest, minnesota
- Check size
- not stated; DFX does not estimate checks from round sizes
Observed (from deals on record)
Stage at participation: no observed deals yet
Stage at first entry: no observed deals yet
Sectors
unknown 100%
lead rate n/afollow-on rate n/anew logos, 12 months 4
Funds and vehicles
2 reported, 1 no longer reported
| Vehicle | Type | Vintage | Lifecycle | Reported GAV | Owners | Form D sold | Latest Form D |
|---|---|---|---|---|---|---|---|
| Mobile Pro Investors LLC | Fund · ADV: Private Equity Fund | 2022 form d first sale | Active deployment | $12.9M May 7, 2024 | 22 | $8.8M of $8.8M | Jul 25, 2022 |
| Mill City Fund II, L.P. | Fund · ADV: Private Equity Fund | 2013 form d first sale | Harvest | $74.3M May 7, 2024 | 25 | $87.0M of $200M | Aug 19, 2014 |
| Mill City Fund, L.P. | Fund · ADV: Private Equity Fund | unknown | Wound down | $91,000 May 17, 2023 | 46 | unknown | unknown |
GAV is the gross asset value the adviser reported on Form ADV for the vehicle, never the fund’s committed size and never dry powder. Form D sold is the amount sold as of the latest filing, never a final close.
Investment team
1 current, 5 departed
Darren Lorne Acheson
PartnerLlc Member · since Apr 1, 2010
5 departed (kept with end dates)
- Gary John Obermiller · Managing Director · Apr 1, 2010 to Mar 28, 2014 Inference
- Lisa Ann Kro · Llc Member · Apr 1, 2010 to Jan 18, 2019 Inference
- Michael Scott Israel · Managing Director · Apr 1, 2010 to Jul 24, 2015 Inference
- Alexander Osten Rutlin · Chief Compliance Officer · Jun 1, 2022 to Feb 7, 2023 Inference
- Angela Christine Wood · Chief Compliance Officer · Mar 1, 2017 to Nov 29, 2018 Inference
Investments on record
4 edges, 4 companies, 0 partner-attributed
| Company | Round | Role | Partner | Round size | This investor | Date | Source |
|---|---|---|---|---|---|---|---|
| Behrens Manufacturing Co | portfolio listing | unknown | unknown | unknown | unknown | Sep 16, 2026 | Fact Venture organization websites (about, team, portfolio, thesis, news pages) |
| Diversified Packaging Holdings | portfolio listing | unknown | unknown | unknown | unknown | Sep 16, 2026 | Fact Venture organization websites (about, team, portfolio, thesis, news pages) |
| Horizon Hobby | portfolio listing | unknown | unknown | unknown | unknown | Sep 16, 2026 | Fact Venture organization websites (about, team, portfolio, thesis, news pages) |
| Mobile Pro Systems | portfolio listing | unknown | unknown | unknown | unknown | Sep 16, 2026 | Fact Venture organization websites (about, team, portfolio, thesis, news pages) |
“This investor” is the amount disclosed for this investor alone; it is unknown unless a source said it. The round size is the whole round.
Co-investors
0 relationships from shared deals, counted for the whole firm
No co-investor relationship yet: these are derived only from rounds and portfolio listings the graph has seen both investors on.
Limited partners
0 disclosed
No LP commitment on record. An LP edge needs a public disclosure with a quote: a pension report (see Limited partners for the plans read), a fund announcement naming the LP, or a Form ADV owner. The fund page carries the LP’s reported performance.
Timeline
12 dated events
- Mar 19, 2024Mill City Fund, L.P. no longer reported on Form ADV by Mill City Capital, L.P.Fund no longer reportedFundsInferenceMill City Fund, L.P.SEC Form ADV filing data 2011 to 2024 (every filing, Schedule D 7.B.(1) private funds, Schedules A/B)
- Feb 7, 2023Alexander Osten Rutlin (Chief Compliance Officer) no longer on Schedule A of Mill City Capital, L.P.
- Feb 7, 2023Mobile Pro Investors LLC first reported on Form ADV by Mill City Capital, L.P. (Private Equity Fund), GAV $8,800,000Fund first reported on Form ADVFundsFactMobile Pro Investors LLCSEC Form ADV filing data 2011 to 2024 (every filing, Schedule D 7.B.(1) private funds, Schedules A/B)
- Jun 1, 2022Alexander Osten Rutlin joined Schedule A of Mill City Capital, L.P. as Chief Compliance Officer
- Jan 18, 2019Lisa Ann Kro (Llc Member) no longer on Schedule A of Mill City Capital, L.P.
- Nov 29, 2018Angela Christine Wood (Chief Compliance Officer) no longer on Schedule A of Mill City Capital, L.P.
- Mar 1, 2017Angela Christine Wood joined Schedule A of Mill City Capital, L.P. as Chief Compliance Officer
- Jul 24, 2015Michael Scott Israel (Managing Director) no longer on Schedule A of Mill City Capital, L.P.
- Mar 28, 2014Gary John Obermiller (Managing Director) no longer on Schedule A of Mill City Capital, L.P.
- Mar 28, 2014Mill City Fund II, L.P. first reported on Form ADV by Mill City Capital, L.P. (Private Equity Fund), GAV $90,000,000Fund first reported on Form ADVFundsFactMill City Fund II, L.P.SEC Form ADV filing data 2011 to 2024 (every filing, Schedule D 7.B.(1) private funds, Schedules A/B)
- Mar 21, 2012Mill City Capital, L.P. first filed Form ADV (ERA)First SEC adviser filingOrganizationFactSEC Form ADV filing data 2011 to 2024 (every filing, Schedule D 7.B.(1) private funds, Schedules A/B)
- Mar 21, 2012Mill City Fund, L.P. first reported on Form ADV by Mill City Capital, L.P. (Private Equity Fund), GAV $70,982,000Fund first reported on Form ADVFundsFactMill City Fund, L.P.SEC Form ADV filing data 2011 to 2024 (every filing, Schedule D 7.B.(1) private funds, Schedules A/B)
Classification history
- Sep 12, 2026Candidate (candidate, 50%, cls-1)no sworn venture fact yet (name or round mention only)
Evidence
49 observations from 2 sources