Lovell Minnick Closes Fourth Fund
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Lovell Minnick Closes Fourth Fund

lovell minnick nf1Lovell Minnick Partners has completed fundraising for its fourth institutional buyout fund, reaching the hardcap of $750 million and surpassing the $550 million target. The firm’s prior fund, Lovell Minnick Equity Partners III, closed in February 2010 with $455 million of commitments.

Investors in the new fund include endowments, foundations, insurance companies, pension funds, and family offices. Fund IV received commitments from many limited partners who invested in earlier funds, including Goldman Sachs Asset Management, RCP Advisors, Twin Bridge Capital Partners, and PPM America on behalf of certain clients. New investors include MassPRIM and the W.K. Kellogg Foundation.

Jeffrey Lovell nf1“Lovell Minnick is very grateful for the support we continue to receive from our limited partners, and we appreciate the new relationships we have developed with an outstanding group of investors who embrace our focus on middle-market financial services,” said Jeffrey Lovell, Chairman of Lovell Minnick Partners. “We see attractive opportunities across such themes as investment solutions, underserved credit markets, outsourcing, and consolidation. We look forward to building another portfolio of growing, dynamic companies where we can support management in realizing their strategic objectives.”

Lovell Minnick provides buyout and growth capital to middle-market financial services companies, typically making equity commitments of between $20 million and $100 million. Areas of specific interest include asset management, financial product distribution, insurance and securities brokerage, banks, and specialty finance.

Fund IV has already closed on three portfolio companies: J.S. Held, acquired in March 2015, is a consultant to insurance carriers on property loss, dispute resolution, and construction services (www.jsheld.com); LSQ Funding, acquired in April 2015, is a technology-enabled provider of working capital services to small and mid-sized businesses (www.lsq.com); and Worldwide Facilities, acquired in July 2015, is a wholesale insurance brokerage (www.wwfi.com).

Lovell Minnick firm is the successor to the private equity affiliate of Putnam Lovell Securities which was established in 1999 by Jeffrey Lovell and James Minnick. Lovell Minnick has offices in Philadelphia and Los Angeles (www.lovellminnick.com).

© 2015 PEPD • Private Equity’s Leading News Magazine • 11-5-15

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