Incline Equity Partners, which spun out of PNC Bank in 2011, is set to close its first independent fund on more than $300 million, according to a market source.
The fund, which is called Incline Equity Partners III, has a target and hard-cap of $300 million. The fundraising, which launched in 2011, is likely to wrap up this week, the source said.
Incline declined to comment. Six Point Partners is working as placement agent for the fund, and also declined to comment.
Incline launched the fund after spinning out from PNC Bank in April 2011. It had collected about $143 million by 30 September, 2011, according to a filing with the US Securities and Exchange Commission. Fund III is a 2012 vintage.
Incline targets investments in sectors like distribution, outsourced business and industrial services and specialised light manufacturing, according to documents from the Pennsylvania Public School Employees' Retirement System. The firm is led by John Glover, Wali Bacdayan and Justin Bertram.
The Pittsburgh, Pennsylvania-based shop in June announced the sale of Portec Group International, a manufacturer of specialty conveyors. Incline also this year sold medical device maker Orthotic Holdings and Caldwell & Gregory, which provides laundry room servicing.
PNC Equity Partners I, which raised $200 million in 2001, and II, which collected $272 million in 2007, had grossed 2.6x and 1.2x multiples and net internal rates of return of 21.7 percent and 2.4 percent, respectively, by 2011, according to information from the Pennsylvania Public School Employees’ Retirement System. Pennsylvania Public School Employees' committed to Incline in 2011 and again this year, boosting its initial $50 million pledge by another $15 million.