Incline racks up nearly $1bn across two funds

Incline Elevate Fund II raised $630 million while Elevate II's second fund extension Incline Ascent Fund LP raised $310 million.

Incline Equity Partners has raised nearly $1 billion across two funds. Incline Elevate Fund II raised $630 million while Elevate II’s second fund extension Incline Ascent Fund LP raised $310 million. Both funds exceeded their targets. The Pittsburgh-based private equity firm invests in the specialized light manufacturing, healthcare services, consumer durables, value-added distribution, retail, transportation and software sectors.

PRESS RELEASE

Incline Equity Partners (“Incline”), a Pittsburgh-based private equity firm, announces the closing of nearly $1 billion in capital commitments between two fund platforms – Incline Elevate Fund II, L.P. (“Elevate II”) and its second fund extension, Incline Ascent Fund, L.P. (“Ascent”). The total capital raised includes $630 million to Elevate II and $310 million to Ascent. Both funds were oversubscribed and substantially exceeded their initial targets.
Elevate II and Ascent complement Incline’s flagship fund, bolstering the firm’s strategy to partner with growing companies in the middle market across value-added distribution, business services and specialized light manufacturing. Each fund leverages Incline’s dedicated investment teams and extensive suite of shared resources, allowing for a broad size range of investments from $25 million to $750 million in enterprise values.

“Elevate II and Ascent closed in just under four months of marketing with significant excess demand driven by strong interest from existing and new investors,” said Jack Glover, Managing Partner of Incline. “The successful fundraises demonstrate the growth of our firm and our active role as a respected manager in the market. I am incredibly proud of our track record. We thank our limited partners for their support, and we remain committed to working hard to create value for them.”

Elevate II will continue to be led by Tom Ritchie, Evan Weinstein and Victor Martinelli. Bob Erwin joins the Incline team and will lead Ascent along with Brad Phillips.