Marlin Equity V hits $2.5bn hard-cap

The fund will invest across the technology sector in North America and Europe, continuing the GP's strategy of operational transformation of portfolio companies. The fund will target a net return of 20%, according to documents obtained by unquote".

The GP has also closed a US-focused lower-mid-market fund, Marlin Heritage II, on its $750m hard-cap.

Marlin's previous fund, Marlin Equity IV, closed on $1.6bn in July 2013, and is, according to LP reports, largely unrealised at present. The firm also closed a European vehicle focused on the lower-mid-market, Marlin Heritage Europe Fund, on €325m in July 2016.

Credit Suisse Securities acted as adviser and exclusive placement agent for the fund, and Kirkland & Ellis served as legal counsel.

Investors
Marlin secured backing from a number of existing LPs for its latest fund, alongside commitments from new investors. LPs in the fund include Texas Mutual Retirement System, which committed $60m, and the Ohio Police and Fire Pension Fund, which approved a $24m commitment at the January meeting of its investment committee.

Investments
The fund will target investments in mid-market companies in the software, technology, healthcare, IT, business services and industrial technology sectors within North America and Europe. Marlin Equity V will invest in between 15-20 portfolio companies, committing between $75-300m per investment. Investments outside North America are subject to a cap of 25% of commitments.

People
Marlin Equity Partners – Peter Spasov (partner).

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• Topics
• Funds
• Buyout
• Mid-market buyout