Incline Closes New Middle Market Fund

After just three months of marketing, Incline Equity Partners has held an oversubscribed and final closing of Incline Equity Partners V LP and Incline Equity Partners V-A LP (together Fund V) with a combined $1.16 billion of capital commitments. Fund V’s original target was $850 million.

Limited partners of the new fund include domestic and international endowments, foundations, multi-manager funds, consultants, public pensions, corporate pensions and family offices.

Fund V’s investment strategy will follow that of its earlier fund, Incline Equity Partners IV LP, which closed in January 2017 at its hard cap with $601 million of capital commitments. Fund V will make control investments in companies with enterprise values generally in the $100 million to $450 million range that are active in the value-added distribution, light manufacturing and business services sectors.

“We are extremely grateful for the demand and support generated from our limited partners in Fund V. Incline looks forward to building on our track record as a leading player in the middle-market investment community by remaining focused on producing value for our portfolio companies and investors in Fund V,” said Jack Glover, managing partner at Incline.

Sixpoint Partners was Incline’s placement agent for this fundraise. “The overall speed of the fundraising process speaks strongly to Incline’s achievements as a leading sponsor in the market,” said Larry Smith, a partner at Sixpoint. “Increased demand from domestic and international investors has set them up to execute in Fund V and beyond.”

Sixpoint is an advisor to the middle-market private equity industry with three areas of focus: (i) primary fund placement and advisory; (ii) secondaries advisory; and (iii) co-investment placement across a range of industries, strategies, and geographies. The firm is headquartered in New York City with additional offices in Chicago, San Francisco, and Austin.

“Incline’s experience and highly-skilled team undoubtedly resonates with limited partners looking for trusted hands in today’s market,” added Eric Zoller, founder and partner at Sixpoint.

Pittsburgh-based Incline Equity Partners was formed in 2011 and is led by its senior partners, Jack Glover, Justin Bertram and Leon Rubinov. In July 2019, after only two months of marketing, Incline closed Incline Elevate Fund LP with $314 million of total capital commitments. This fund invests exclusively in the lower middle market in companies that have enterprise values of $25 million to $100 million, a segment of the market where Incline has had success but had outgrown in its flagship funds.

“We’re very proud of the success of this fundraise and will continue growing our partnerships with investors, both legacy and new,” said Mr. Bertram.

Kirkland & Ellis provided legal services to Incline to support the raising of Fund V.

© 2020 Private Equity Professional | January 28, 2020

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