Marlin Fund IV reaches $1.6bn hard-cap

After just four months of fundraising, Marlin’s fourth vehicle surpassed its $1bn target and was three times oversubscribed.

Marlin Equity IV had its first and final close on $1.6 billion Tuesday, according to a statement from the firm. The turnaround and distressed buyout fund was more than three times oversubscribed, the statement read.

In March, Marlin filed documents with the US Securities and Exchange Commission that stated the fund’s new target was $1.6 billion. Initially, Marlin sought $1 billion, according to the statement.
“Expect them to raise more than $1 billion and perhaps something close to $2 billion,” an LP told Private Equity International in March.

Marlin Equity IV spent just over four months in the market and LPs scrambled to get their commitments in, PEI previously reported. “The chances of getting in are pretty slim,” the LP said.

About half of the LPs had made commitments to prior Marlin funds, Peter Spasnov, one of the firm's partners told PEI. Among the LPs who made it into the fund were Los Angeles County Employees’ Retirement Association, which committed $40 million and New Jersey Division of Investment, which committed $100 million, PEI’s Research and Analytics division disclosed.

Marlin took less than three months to close its third fund on $650 million in 2009 and its second fund on $300 million in 2007, PEI wrote. 

Marlin has more than $2.6 billion in assets under management, according to its website. It looks to invest in North American companies with $20 million to $2 billion in revenue, in the technology, healthcare, manufacturing and consumer sectors.

Los Angeles-based Marlin was created in 2005 by former Gores Technology Group executive David McGovern. Partner Nick Kaiser helped form Marlin after spending just five years in the private equity industry, according to Marlin’s website.