LA-headquartered private equity firm Marlin Equity Partners has held a $400m ‘one and done’ close for its new Marlin Heritage vehicle.
The fund was only offered to investors in the firm’s $1.6bn Fund IV, which it closed on its hard cap last summer.
Marlin Heritage closed on its hard cap in less than three months after generating demand of more than four times its initial $250m target.
The fund will be used to target lower mid-market investments in industries Marlin has experience in, including technology, business services, healthcare and manufacturing.
Marlin has closed five private equity funds since it was launched in 2005 and has more than $3bn of capital under management.
Managing partner David McGovern said, “We are grateful for the tremendous level of conviction and support from our existing limited partners.
“Our ability to raise the Heritage Fund in such a short period of time is a true testament to the strength of our team, operationally-focused investment strategy and history of successfully investing in the lower middle market.”
Partner Peter Spasov added, “The Heritage Fund allows us to continue to capture investment opportunities in the lower middle market where the firm has achieved a notable track record and where we continue to source robust deal flow.
“The Fund is well-positioned to benefit from a dedicated and long-tenured team of Marlin investment professionals and our deep bench of operating executives.”
Since the beginning of 2013 Marlin has acquired 13 businesses, including five corporate divestitures and the recent take-private of Tellabs, Inc.
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