Funds

Lovell Minnick closes Fund IV on $750m cap

The fourth institutional buyout fund for Lovell Minnick had an initial target of $550 million and received commitments from returning LPs such as Goldman Sachs Asset Management and Twin Bridge Capital Partners, and new investors such as MassPRIM and the WK Kellogg Foundation.

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Lovell Minnick Partners has closed its fourth institutional buyout fund on its $750 million cap, exceeding its target of $550 million.

Lovell Minnick Equity Partners IV began fundraising in 2014 and received commitments from LPs such as endowments, foundations, insurance companies, pension funds and family offices.

Returning investors include Goldman Sachs Asset Management, RCP Advisors, Twin Bridge Capital Partners and PPM America on behalf of clients. New investors include MassPRIM and the WK Kellogg Foundation.

The fund seeks to invest equity of between $20 million and $100 million in mid-market financial services companies pursuing growth investments, management buyouts, succession and ownership transitions and recapitalisations.

It held a first close on $275 million in June 2014 and did not use a placement agent for the fund, according to PEI’s Research & Analytics division.

Fund IV has made three investments so far including in consultancy firm JS Held, business solutions provider LSQ Funding, and wholesale insurance brokerage firm Worldwide Facilities.

Its predecessor, Lovell Minnick Equity Partners III, closed on $455 million.

As of May, Lovell Minnick manages $1.08 billion in assets, according to PEI data.