Incline Partners has held a first close on its debut fund thought to be more than one-third of its $300 million target, a source close to the firm told Private Equity International.
“Unlike other spin-outs, Incline had raised its previous PNC funds without relying exclusively on the bank’s capital and with the support of prominent institutional LPs, giving them a competitive advantage in the current fundraising market,” the source said.
Incline, formerly PNC Equity Partners, spun out of PNC Bank in April and will remain responsible for management of PNC Equity Partners I and PNC Equity Partners II, a vehicle which is approximately 75 percent invested, according to the firm’s website.
The two funds have grossed 2.6x and 1.2x multiples and net internal rates of return of 21.7 percent and 2.4 percent, respectively, according to the Pennsylvania Public School Employees’ Retirement System. The fund received a $50 million commitment from PSERS earlier this month.
The Pittsburgh, Pennsylvania-based firm's Incline Equity Partners III is targeting $300 million for lower mid-market control oriented equity investments between $10 million and $30 million, according to PSERS documents. Incline will focus on value-added distribution, specialised light manufacturing, outsourced businesses and industrial services.
Sixpoint Partners is working on the fund as a placement agent.
Incline is led by partners Jack Glover, Wali Bacdayan and Justin Bertram.