Lovell Minnick Partners LLC, a private equity firm providing buyout and growth capital to companies in the financial services industry, announced the final closing of its third fund.
Lovell Minnick Equity Partners III LP surpassed its $350m target by successfully raising $455m from institutional and private investors.
Returning limited partners were led by commitments from PPM America Capital Partners, HighVista Strategies, INVESCO Private Equity and WP Global Partners.
New investors include Credit Suisse Customized Fund Investment Group, Kemnay Private Equity, Nationwide Mutual Insurance Company, Private Advisors, RCP Advisors, Twin Bridge Capital Partners and Washington University of St. Louis.
The fund, which is managed by the Lovell Minnick Partners’ team operating from offices in California and Pennsylvania, focuses on middle market investments in the financial services sector including asset management, financial product distribution, outsourced administration services, investment banking and securities brokerage, commercial and trust banking, and related business services.
Credit Suisse Securities (USA), LLC, acted as Lovell Minnick Partners’ exclusive placement agent for the fundraising and Kirkland & Ellis LLP served as legal advisor.