Lovell Minnick Equity Partners IV LP has collected $400.3 million, or 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 2014, Buyouts previosly reported.
Fund IV is targeting more than Lovell’s third fund, which closed on $450 million in 2010. That 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, it closed the sale of Mercer Advisors, a registered investment advisor, to Genstar Capital.
In April, Lovell 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.