Lovell Minnick launches $1 bln Fund V

  • Lovell Minnick V has already raised $750.4 mln
  • Evercore is placement agent for Fund V
  • Firm acquired SRS Acquiom earlier this month

Lovell Minnick Partners has officially launched its latest flagship fund.

The Radnor, Pennsylvania, private equity firm is seeking $1 billion for Lovell Minnick Equity Partners V LP, a Nov. 21 SEC filing shows. The pool has already raised about $750.4 million, the filing said. Evercore is placement agent.

The $1 billion target is a 33 percent jump from Lovell’s fourth institutional fund, which closed on $750 million in 2015. The firm’s third pool collected $455 million in 2010.

Buyouts reported in February that Lovell would be seeking $1 billion for Fund V.

Started in 1999, Lovell Minnick operates out of offices in New York, Los Angeles and Philadelphia. The firm typically invests between $30 million and $150 million equity per deal.

Lovell Minnick was known for its investment in asset managers but has expanded into business services, specialty finance, insurance and financial technology.

Earlier this month, Lovell acquired a majority of SRS Acquiom, which provides professional and technical services to some of the biggest names in PE and venture capital.

The private equity firm in July announced its buy of National Auto Care, which provides automotive protection products, from Trivest Partners.

Lovell also owns a minority of Mercer Advisors, which acquired Financial & Investment Management Group Ltd and Sigma Investment Management Co in separate transactions earlier in November.

Action Item: Contact Lovell Co-Chairman Jeff Lovell at +1 610-995-9660