Firm: Lovell Minnick Partners
Fund: Lovell Minnick Equity Partners III LP
Target: $350 million
Placement Agent: Credit Suisse
Buyouts reported in February that firm executives decided to keep the fund open after a warm response from investors helped it cruise past its $350 million target. As of December 2008 it had raised $365 million. The firm held a first closing of $220 million in June 2008.
Credit Suisse is acting as placement agent for the fund, which has attracted close to 20 institutional investors, including
Lovell Minnick invests $10 million to $40 million of equity in financial services companies, and typically holds on to its investments for about five years.
In May, the firm sold Berkeley Capital Management’s Delta Asset Management division to Marshall & Ilsley Corp. for an undisclosed amount and, as a result, fully exited the California-based investment manager for high net worth individuals and institutional clients in which it first invested in 2003.
As for deal flow, it’s been slow going. Lovell Minnick has yet to make a platform acquisition in 2009 and made only one in 2008, buying Mercer Advisors Inc., a Scottsdale, Ariz.-based company that provides financial management for dental and medical professionals, for an undisclosed amount in May. Also in May of 2008, a Lovell Minnick portfolio company, ALPS Fund Services Inc., acquired the assets of Price Meadows Inc., a Bellevue, Wash.-based hedge fund administrator. Lovell Minnick made one investment in 2007, taking a $35 million minority stake in Leerink Swann & Co., a Boston-based health care-focused boutique investment bank. Leerink Swann, which shelved plans to raise its own buyout fund, has spent the summer beefing up its staff with six investment bankers from Bank of America Merrill Lynch and now has a staff of 35 professionals
Lovell Minnick’s previous fund,