Monogram Capital Partners has closed a single‑asset continuation vehicle for Mountaintop Beverage, moving the beverage co‑manufacturer out of the firm’s second fund. The deal transfers Mountaintop into a newly formed vehicle where Apollo S3, the sponsor and secondary solutions business of Apollo, serves as lead investor. Monogram Capital Partners and Mountaintop’s management retain substantial exposure to the next growth phase.

Partners Capital, TIFF, and H7 Capital joined alongside other institutions, providing additional capital support. The structure returns a significant majority of Fund II’s backers’ capital, while Monogram and the management team keep a strong stake in the continuation vehicle. This arrangement aligns investor interests with long‑term value creation.

By leveraging Apollo S3’s expertise and the diversified backing of secondary investors, Mountaintop Beverage positions itself for expanded market reach and operational scaling. The continuation vehicle reflects a strategic shift away from traditional fund structures toward more flexible, co‑investment models in the beverage sector.