Incline Equity, PNC Spin-Out, Labors On First Fund

Incline Equity Partners, a spin-out from PNC Financial Services, appears to be laboring to wrap up fundraising on its first stand-alone fund, Incline Equity Partners III LP, according recently filed data with the Securities and Exchange Commission. The firm, which spun out from PNC in 2011, raised $142.8 million as of the October filing, well shy of the $300 million goal that the firm set when it started fundraising in the summer of 2011. A person familiar with the firm said the SEC data shows a lag and that an accurate account of the money raised so far would show about $180 million had been committed.

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