Lovell Minnick hits $1.28bn hard cap for Fund V close


Financial services-focused private equity firm Lovell Minnick Partners has hit a $1.28bn hard cap for the final close of its latest flagship fund.

Lovell Minnick Equity Partners V has surpassed both its $1bn target and the $750m pulled in for the firm’s fourth fund in late 2015.

The buyout house typically targets businesses in the asset management, wealth management, investment product distribution, specialty finance, insurance, FinTech, InsurTech and business services sectors.

Lovell invests between $40m and $150m in companies located in in the Americas and Europe, it said in a statement.

Last year, the Massachusetts Pension Reserves Investment Management Board committed $150m for Fund V and later made a $25m follow-on commitment in March this year.

“Our successful fundraise and the appeal of our strategy reflects our demonstrated ability to drive positive outcomes, and we continue to see strong demand for our capital and business-building expertise in some of the most compelling subsectors within financial and business services today,” said Lovell Minnick Partners managing partner Robert Belke.

Since launching in 1999, the firm has raised $3.3bn of committed capital and has completed more than 50 portfolio investments.

In the last year, the firm has backed real estate data provider ATTOM Data Solutions, FX trading technology solutions provider oneZero and real estate software company Inside Real Estate.

The firm has recently secured three exits including the sale of Commercial Credit, J.S. Held and Worldwide Facilities.

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