Marlin Equity Partners has raised $400 million in the final close of its Heritage Fund. The pool’s initial target was $250 million.
LOS ANGELES, April 1, 2014 /PRNewswire/ — Marlin Equity Partners, a global investment firm, is pleased to announce the first and final closing of Marlin Heritage, L.P., with $400 million of limited partner capital commitments. The Heritage Fund was only offered to investors in Marlin’s fourth flagship fund, and closed at its hard-cap in less than three months while generating demand of more than four times its initial $250 million target.
The Heritage Fund will employ the same investment philosophy and operationally-focused strategy that has been the cornerstone of the firm’s success and will target transactions in the lower middle market. Consistent with Marlin’s predecessor funds, the Heritage Fund will invest in businesses that can benefit from the firm’s significant capital base, deep industry relationships and substantial network of operational resources. It will focus on industries where Marlin has developed extensive domain expertise, including technology, business services, healthcare, consumer and manufacturing, among others.
Marlin has closed on five private equity funds since its inception in 2005 and has more than $3 billion of capital under management.
“The closing of the Heritage Fund comes on the heels of raising $1.6 billion for our flagship fund, Marlin Equity IV, last year,” said David McGovern, Managing Partner of Marlin. “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.”
Peter Spasov, a Partner at Marlin, 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.”
The closing of the Heritage Fund follows another active year for Marlin. Since the beginning of 2013, Marlin has acquired 13 businesses, including five corporate divestitures and the recent take-private of Tellabs, Inc.
Bruce Ettelson and Karin Orsic of Kirkland & Ellis LLP served as legal counsel in the formation of the Heritage Fund.
About Marlin Equity Partners
Marlin Equity Partners is a global investment firm with over $3 billion of capital under management. The firm is focused on providing corporate parents, shareholders and other stakeholders with tailored solutions that meet their business and liquidity needs. Marlin invests in businesses across multiple industries where its capital base, industry relationships and extensive network of operational resources significantly strengthens a company’s outlook and enhances value. Since its inception, Marlin, through its group of funds and related companies, has successfully completed over 70 acquisitions. The firm is headquartered in Los Angeles, California with an additional office in London. For more information, please visit www.marlinequity.com.