Lovell Minnick seeks $550m for mid-market financial services fund


Financial services-focused private equity firm Lovell Minnick Partners is looking to raise $550m for its fourth fund, according to peHUB.

The fund does not have a hard cap, and is seeking more than the $450m it raised for Fund III back in 2010.

Lovell Minnick is targeting a first closing before the end of March, the report said, with fundraising aiming to be completed 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.

At the close of 2013, Fund III was generating a net IRR of 12 per cent, according to peHUB, while Fund II was producing a net IRR of 13.5 per cent.

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