Lovell Minnick Partners, a buyout shop investing in the financial services sector, has surpassed the target for its third fund and is keeping the fund open, a source familiar with the fundraising told Buyouts.
The El Segundo, Calif.-based shop closed on $365 million of commitments in December, $15 million more than the target previously reported in Buyouts. The firm held a first closing of $220 million for Lovell Minnick Equity Partners III in June.
Credit Suisse is helping the firm raise the fund, which has attracted close to 20 institutional investors, including WP Global Partners Inc. and RCP Advisors LLC.
It is not clear when or at what amount the firm’s managers plan to wrap up the fundraising effort.
Lovell Minnick invests between $10 million and $40 million of equity in financial services companies, and typically holds on to its investments for about five years.
Read the rest of this story at the web site for peHUB’s sister publication, Buyouts, where Bernard Vaughan is an Associate Editor.