Marlin Raises $400M For Lower Mid-Market PE Fund

Apr 1 2014 | 11:17am ET

Los Angeles-based private equity firm Marlin Equity Partners has staged the first and final closing of the Marlin Heritage fund with $400 million in capital commitments. 

The Heritage fund, offered only to investors in Marlin's fourth flagship fund, closed after less than three months of fundraising, having exceeded its initial $250 million target.

The Heritage Fund will target transactions in the lower middle market, investing, like its predecessor funds, in businesses that can benefit from the firm’s capital base, industry relationships and network of operational resources. The fund will focus on industries where Marlin has developed 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 $3 billion of capital under management. 

“The closing of the Heritage Fund comes on the heels of raising $1.6 billion for our flagship fund, Marlin Equity IV, last year,” said David McGovern, Marlin managing partner, in a statement.  “We are grateful for the tremendous level of conviction and support from our existing limited partners."

Bruce Ettelson and Karin Orsic of Kirkland & Ellis served as legal counsel in the formation of the Heritage Fund.

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