Marlin Equity 4x oversubscribed for $400 mln Marlin Heritage LP

Firm: Marlin Equity Partners

Fund: Marlin Heritage LP

Target: $250 million

Amount Raised: $400 million

Legal Counsel: Kirkland & Ellis LLP

Marlin Equity Partners said it held a first and final closing of Marlin Heritage LP, which was offered only to limited partners of Marlin Equity IV, which raised $1.6 billion last year.

“Consistent with Marlin’s predecessor funds, the Heritage Fund will invest in businesses that can benefit from the firm’s significant capital base, deep industry relationships and substantial network of operational resources,” Marlin said in a prepared statement.

Marlin said the fund will focus on industries where it has ”extensive domain expertise,” including technology, business services, healthcare, consumer and manufacturing. David McGovern, managing partner, said the firm is “grateful for the tremendous level of conviction and support” from its LPs. Peter Spasov, partner, said the fund will allow Marlin to continue to capture investment opportunities in the lower middle market, “where the firm has achieved a notable track record and where we continue to source robust deal flow.”

With its flagship fund now approaching $2 billion, Marlin has been tackling bigger deals, such as the take-private transaction of Tellabs Inc for $891 million.

Based in Los Angeles and with an office in London, Marlin Equity has completed more than 70 acquisitions since it was founded in 2005 by McGovern.