Lovell Minnick hits halfway mark in Fund IV first close


stack dollar cash money capital fundFinancial services-focused private equity firm Lovell Minnick Partners reportedly held a $275m first close for its latest fund last week.

The firm is currently targeting $550m according to peHub, which cited sources saying it had collected about half that figure to date.

Reports earlier this year suggested Lovell Minnick was hoping to hold a first close by the end of March and wrap up the fundraise by the summer.

Founded in 1999, Lovell Minnick focuses exclusively on the mid-market financial services space, targeting investments between $20m and $80m in each portfolio company.

It last raised $450m for Fund III back in 2010.

Earlier this week Lovell Minnick Partners promoted Jason Barg and Trevor Rich to principals.

Copyright © 2014 AltAssets