Lovell Minnick Partners Closes Fourth Fund with $750 Million of Commitments
RADNOR, PA and LOS ANGELES – November 4, 2015 – Lovell Minnick Partners, a private equity firm specializing in financial and related business services companies, today announced the successful completion of fundraising for its fourth institutional buyout fund, reaching the cap of $750 million and surpassing the $550 million target.
Lovell Minnick Equity Partners IV was raised from leading institutional investors including endowments, foundations, insurance companies, pension funds, as well as family offices and other institutional investors. The new fund received commitments from many limited partners who invested in previous funds sponsored by the firm, including Goldman Sachs Asset Management, RCP Advisors, Twin Bridge Capital Partners, and PPM America on behalf of certain clients. Lovell Minnick also attracted commitments from a number of new investors including MassPRIM and the W.K. Kellogg Foundation. The firm’s prior fund, Lovell Minnick Equity Partners III, secured $455 million of commitments.
Lovell Minnick will seek to continue its successful strategy of investing in middle-market financial services companies, typically making equity commitments of between $20 million and $100 million to private companies pursuing growth investments, management buyouts, succession and ownership transitions, and recapitalizations. Targeted investment areas include asset management, financial product distribution, insurance and securities brokerage, banks, specialty finance, and related technology and business services. The firm’s investments in these areas have included companies such as, ALPS Holdings, AssetMark Investment Services, Commercial Credit, Duff & Phelps, First Allied Securities, Matthews International Capital Management, and Mercer Advisors.
“Lovell Minnick is very grateful for the support we continue to receive from our limited partners, and we appreciate the new relationships we have developed with an outstanding group of investors who embrace our focus on middle-market financial services,” said Jeffrey D. Lovell, Chairman of Lovell Minnick Partners. “We see attractive opportunities across such themes as investment solutions, underserved credit markets, outsourcing, and consolidation. We look forward to building another portfolio of growing, dynamic companies where we can support management in realizing their strategic objectives.”
Lovell Minnick Equity Partners IV has deployed capital in three investments to date:
- J.S. Held, a consultant to insurance carriers on property loss, dispute resolution, and construction services;
- LSQ Funding, a technology-enabled provider of working capital solutions to small and mid-sized businesses; and,
- Worldwide Facilities, one of the largest wholesale insurance brokerage companies in the U.S.
The firm’s investment team is led by five partners, with an average of more than 20 years of industry-related experience. Lovell Minnick has offices in Philadelphia and Los Angeles.