Lovell Minnick Partners, a private equity firm specialising in financial and related business services companies, has completed fundraising for its fourth institutional buyout fund, reaching the cap of USD750 million and surpassing the USD550 million target.
Lovell Minnick Equity Partners IV received commitments from many limited partners who invested in previous funds sponsored by the firm, including Goldman Sachs Asset Management, RCP Advisors, Twin Bridge Capital Partners, and PPM America on behalf of certain clients. Lovell Minnick also attracted commitments from a number of new investors including MassPRIM and the W.K. Kellogg Foundation. The firm’s prior fund, Lovell Minnick Equity Partners III, secured $455 million of commitments.
“We see attractive opportunities across such themes as investment solutions, underserved credit markets, outsourcing, and consolidation. We look forward to building another portfolio of growing, dynamic companies where we can support management in realising their strategic objectives,” said Jeffrey D. Lovell, Chairman of Lovell Minnick Partners.
Lovell Minnick Equity Partners IV has deployed capital in three investments to date: JS Held, a consultant to insurance carriers on property loss, dispute resolution, and construction services;
LSQ Funding, a technology-enabled provider of working capital solutions to small and mid-sized businesses; and, Worldwide Facilities, one of the largest wholesale insurance brokerage companies in the US.