New York-based middle market buyout firm Lincolnshire Management has reached a first close of approximately $650 million (€437 million) for its fourth fund, according to a source.
Lincolnshire Equity Fund IV has a hard cap of $800 million.
The close brings the new vehicle well ahead of the $433 million Lincolnshire raised for its previous fund, which held a final close in 2005.
Lincolnshire is led by TJ Maloney, who joined the firm in 1993 and became its president in 1998.
The firm, with additional offices in Los Angeles, Atlanta, Chicago and Boston, was founded in 1986 and raised its debut fund in 1994, rounding up 120 million.
Last year the firm saw a 2.5 times return on investment following the sale of portfolio company Price Sports – the racquet-maker – to private equity firm Nautic Partners.