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Lovell Minnick Fund IV raises $400.3 mln so far

Lovell Minnick Partners LLC is nearing the $550 million target of its fourth fund.

Lovell Minnick Equity Partners IV LP has collected $400.3 million, which is 73 percent of its goal, an SEC filing said. Thirty-three investors have committed to the fund, the filing said. Fund IV held a $275 million first close in June, peHUB previously reported.

Fund IV is targeting more than Lovell’s third fund, which closed on $450 million in 2010. Lovell’s third pool is producing an average IRR of 8.96 percent and a 1.19x average multiple as of Dec. 31, according to data provider Bison.

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 has been active this year. In May, the PE firm closed the sale of Mercer Advisors, a registered investment advisor, to Genstar Capital. Lovell in April led a $100 million round for LSQ Funding Group, a provider of working capital solutions for small and mid-sized businesses. Lovell also bought a majority of J.S. Held LLC, which offers outsourced consulting services for insurance clients, in March.

Lovell could not be reached for comment.

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