Incline Equity Partners has closed Incline Elevate Fund LP (Elevate) with $314 million of total capital commitments.
The new fund will invest exclusively in the lower middle market, a segment of the market where Incline has had success but had outgrown in its flagship fund, Incline Equity Partners IV LP (Fund IV), which closed in January 2017 with $601 million of total capital commitments.
“Elevate surpassed its initial target of $250 million after only two months of marketing,” said Jack Glover, managing partner of Incline. “Renewing our focus in the lower middle market presents a compelling opportunity for the firm and our limited partners. We appreciate the continued support and confidence of our investors, and we are proud to expand our investment capabilities.”
With the closing of the new fund, Incline has named Tom Ritchie and Evan Weinstein as partners of Elevate. Mr. Ritchie joined Incline in 2018 from CI Capital Partners, a New York-based middle-market private equity firm; and Mr. Weinstein also joined Incline in 2018 from PAI Partners, a New York-based private equity firm. Earlier in his career, Mr. Weinstein worked with Mr. Ritchie at CI Capital Partners for more than 10 years. In addition to utilizing Incline’s existing finance and business development resources, Messrs. Ritchie and Weinstein will lead a separate execution team based in New York.
“I couldn’t be happier to partner with Jack and the entire Incline team as well as with my long-time colleague Evan Weinstein to launch Elevate,” said Mr. Ritchie. “We found a tremendous opportunity to blend our experience in the lower middle market with the firm’s long track record of success. Incline’s scale and solid reputation in the market allows us to quickly start making investments and creating value in companies.”
In May 2019, Elevate made its first investment in Wholesale Supplies Plus, an Independence, OH-based value-added distributor of raw materials, supplies and packaging used in the production of soap, lotion, cosmetics by professional crafters (www.wholesalesuppliesplus.com). According to a source familiar with this transaction, Chicago-based Twin Brook Capital Partners served as administrative agent on financing to support this transaction.
Incline Equity Partners was formed in 2011 and is based in Pittsburgh (www.inclineequity.com).
© 2019 Private Equity Professional | July 11, 2019