Private equity firm Lovell Minnick Partner has completed fundraising for Lovell Minnick Equity Partners V LP (Fund V) at USD1.28 billion. Fund V, which was oversubscribed, exceeded its USD1 billion target and achieved its hard cap.
Lovell Minnick secured commitments to Fund V from a diverse group of investors including US and international public and private pension funds, insurance companies, endowments and foundations, asset managers and family offices.
“We are grateful for the strong support we received from existing investors, as well as confidence in our strategy from many new investors in the US and abroad,” says Steve Pierson, Managing Partner at Lovell Minnick Partners. “Fund V will enable us to continue pursuing our proven thematic approach to investing and partnering with outstanding management teams to support them in growing their companies.”
“Our successful fundraise and the appeal of our strategy reflects our demonstrated ability to drive positive outcomes, and we continue to see strong demand for our capital and business-building expertise in some of the most compelling sub-sectors within financial and business services today,” says Robert Belke, Managing Partner at Lovell Minnick Partners.
Lovell Minnick’s Fund V will continue the same focused strategy as its predecessor funds, investing in middle market businesses in the Americas and Europe where the firm can apply its industry experience, vast network and business-building acumen to help them grow. Lovell Minnick will generally target equity investments of between USD40 million and USD150 million, although it has in the past and expects in the future to complete much larger investments with co-investors.
“We’re excited to begin the next chapter of our growth as we celebrate the closing of Lovell Minnick’s oversubscribed fifth fund and the firm’s 20th anniversary. We look forward to continue serving as trusted stewards of our investors’ capital amid the rapidly changing and growing opportunity set in the financial services industry,” says Jeffrey Lovell and James Minnick, Co-Chairmen at Lovell Minnick Partners.
With the closing of Fund V, Lovell Minnick has raised USD3.3 billion since its inception in 1999. Lovell Minnick has had a busy 2019, investing in three new platforms: real estate data provider ATTOM Data Solutions, FX trading technology solutions provider oneZero and real estate software company Inside Real Estate; successfully exiting three portfolio companies: Commercial Credit, JS Held and Worldwide Facilities; and completing nine add-on acquisitions across its portfolio.
Evercore Private Funds Group acted as exclusive global placement agent, and Kirkland & Ellis LLP as fund formation counsel, to Lovell Minnick.
