Marlin raises USD400m fund targeting lower middle market opportunities
Marlin Equity Partners has held the first and final closing of Marlin Heritage with USD400m of limited partner capital commitments.
The Heritage Fund was only offered to investors in Marlin’s fourth flagship fund, and closed at its hard-cap in less than three months while generating demand of more than four times its initial USD250m target.
The Heritage Fund will employ the same investment philosophy and operationally-focused strategy and will target transactions in the lower middle market. Consistent with Marlin’s predecessor funds, the Heritage Fund will invest in businesses that can benefit from the firm’s capital base, industry relationships and network of operational resources. It will focus on industries where Marlin has developed domain expertise, including technology, business services, healthcare, consumer and manufacturing.
Marlin has closed on five private equity funds since its inception in 2005 and has more than USD3bn of capital under management.
“The closing of the Heritage Fund comes on the heels of raising USD1.6bn for our flagship fund, Marlin Equity IV, last year,” says David McGovern, managing partner of Marlin. “We are grateful for the tremendous level of conviction and support from our existing limited partners. Our ability to raise the Heritage Fund in such a short period of time is a true testament to the strength of our team, operationally-focused investment strategy and history of successfully investing in the lower middle market.”
Since the beginning of 2013, Marlin has acquired 13 businesses, including five corporate divestitures and the recent take-private of Tellabs.
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