Marlin Equity Beats Target On Third Fund

Firm: Marlin Equity Partners

Fund: Marlin Equity III LP

Target: $450 million

Amount Raised: $575 million (Est.)

Placement Agent: Probitas Partners

In a time of fundraising “haves” and “have-nots,” Marlin Equity Partners is decidedly a “have.”

The mid-market buyout firm, at of press time, was preparing to hold a first and final close on a sum greater than its hard cap, two sources familiar with the situation said. Probitas Partners serves as placement agent.

The firm, which sought to raise $450 million for Marlin Equity III LP, has beat its target by at least $100 million after only entering the market several months ago. One source said the firm had raised as much as $575 million.

Marlin Equity has steadily stepped up its fund sizes, having raised $300 million for its second fund in 2006 following a $64 million fundraise for its debut vehicle a year earlier. Limited partners include DuPont Capital Management, Private Advisors LLC and The Robert Wood Johnson Foundation. This year the El Segundo, Calif.-based firm has acquired four companies in the services sectors, including software-as-a-service .

Marlin Equity joins Charlesbank Capital and Riverside Partners in having strong middle-market fundraising efforts this year. In September, Charlesbank closed its seventh fund with $1.5 billion in commitments, beating its target of $1.25 billion in just five months. Riverside Partners’s fourth fund has, in five months, topped the size of its prior fund, which had $225 million in commitments. The firm has collected $234 million for its fourth fund and plans to close on its $400 million hard cap by the end of the year, according to a Nov. 23 article by LBOWire.

Marlin Equity declined to comment.