The buyout shop collected about half of its target with the close, one of the people told sister website peHUB.
The firm is not using a placement agent. Lovell Minnick Equity Partners IV LP is targeting more than Lovell’s third fund, which closed at $450 million in 2010.
With offices in Los Angeles and Philadelphia, Lovell Minnick focuses on the financial services industry. The firm typically invests $20 million to $80 million of equity per deal, according to its website.
Lovell Minnick said in early June that it had acquired a minority stake in 361 Capital. Financial terms weren’t announced. Denver-based 361 Capital is an asset management firm that specializes in liquid alternatives, according to a statement. Lovell’s investment in 361 came from its third fund.
Lovell Minnick also promoted Jason Barg and Trevor Rich to principal. Barg and Rich are both members of the investment team completing the investment of Lovell Fund III, a statement said.
Lovell Minnick executives declined comment.
Luisa Beltran is a senior writer for peHUB.