How CCMP Overcame Key-Man Crisis to Rebuild Trust & Raise $500M+

The death of Steve Murray placed CCMP at a critical inflection point: not only was a founder and face of the firm lost, but due to his role as co-CEO under whose tenure significant deal-flow and fundraising were achieved, the firm’s operational and governance structures were stress-tested. The triggering of key-man provisions in the then-new $3.6 billion fund meant LPs had formal rights to limit or stop new investments, forcing CCMP to demonstrate sufficient depth and continuity beyond Murray alone. [3]

CCMP’s use of opaque language (“health-related” leave) in written disclosures contrasted with more candid verbal conversations with certain LPs. That discrepancy raises governance and transparency risks typical in private equity: failure to appropriately manage stakeholder communication can impair LP trust, affecting future fundraises. While the broader partnership’s involvement—including Greg Brenneman’s elevation and reliance on the rest of the investment committee—provided a clear path to continuity, the timeline and manner of disclosure likely placed pressure on internal decision-making and LP perceptions. [3]

Strategically, CCMP was forced to lean heavily on LP affirmations (via votes) to reinstate the fund’s investment mandate. The fact that the fund was ~40% committed, and that LPs had recently committed capital trusting the broader team—not just Murray—worked in the firm’s favor. However, had LPs withheld sanction, CCMP might have faced significant reputational and financial risk, including capital return or altered deal execution. [3]

Post-Murray era developments indicate that CCMP (later rebranded CCMP Growth) succeeded in raising new funds (such as CCMP IV, with a target of USD 500 million) showing regeneration of LP support and a strategy shift toward growth-oriented, middle-market platforms. [1][6] This suggests that the firm managed not only through a crisis of governance but also through strategic evolution on fund focus and leadership. But the legacy of the Murray incident likely imposes lessons around disclosure, key-man dependency, and LP governance.