Marlin Equity Partners Scaling Up With $1.6B Fund

The Hermosa Beach, Calif.-based buyout shop has yet to sell its Marlin Equity IV LP, according to a filing. Its prior fundraising effort for Marlin Equity III LP surpassed its $450 million target by $200 million.

A spokesman for Marlin did not return a phone call or e-mail messages seeking comment.

Marlin focuses on businesses in the process of undergoing operational, financial or market-driven change. The firm’s Web site said it now manages more than $1 billion.

Founded by David McGovern in 2005, Marlin Equity Partners’ portfolio includes Sycamore Network Solutions, Diogen Lighting, CompassLearning, Chatterbox International and ATC Drivetrain.

Formerly a merger and acquisition lawyer, McGovern led the acquisitions of the Learning Company from Mattel and Micron Electronics’ personal computer business. These and other transactions “laid the groundwork for what has become a career in operational focused investing,” McGovern said in a January interview published on his firm’s Web site.

“We have been very active and have completed close to 20 corporate divestiture transactions since 2008,” he said. “What makes us different—and what I think the corporate seller finds attractive—is that we have a dedicated in-house operations team.”

Credit Suisse is acting as placement agent for the new fund, according to the filing.