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Lovell Minnick's 5th private equity fund closes at $1.28B hard cap

Lovell Minnick Partners LLC raised $1.28 billion for its fifth fund at final close, surpassing its $1 billion target and reaching its hard cap.

Lovell Minnick Equity Partners V LP attracted capital from a diverse investor base, including U.S. and global pension funds, insurers, endowments and foundations, asset managers and family offices.

The private equity firm, which invests in the global financial service sector, said the fund will apply the same strategy of investing in middle-market businesses in the Americas and Europe. The firm typically injects between $40 million and $150 million in capital, but it plans to make larger investments with co-investors.

Evercore Private Funds Group was Lovell Minnick's exclusive global placement agent, with Kirkland & Ellis LLP serving as fund formation adviser.