Marlin targets $450m for Fund III

The Gores Group spin-out raised $300m for its prior fund in less than three months.

Marlin Equity Partners has begun the fundraising process for its third turnaround fund.

It will target a maximum of $450 million in commitments, according to a regulatory filing that lists Probitas Partners as the placement agent.

El Segundo, California-headquartered Marlin closed its second fund in November 2007, raising $300 million after less than three months in the market. Fund II was three times oversubscribed to its original $250 million target, Marlin said at the time.

The firm’s most recent acquisition was in July, with the purchase of Tyco Electronics’ battery division for a reported $25 million. The company was renamed Palladium Energy.

Marlin is led by David McGovern, who before founding Marlin in 2005 was the head of M&A at Gores Technology Group and an investment committee member at Gores Capital Partners.