Lovell Minnick Partners announced the closing of its Lovell Minnick Partners III fund with $455 million in commitments. The fund was well over the $350 million the firm had targeted and more than double its previous fund, which raised $223 million in 2006. Lovell Minnick plans to focus on middle market investments in the financial services sector. Credit Suisse Private Fund Group acted as placement agent for the fund. Limited Partners included PPM America Capital, HighVista Strategies, INVESCO Private Capital and WP Global Partners.
According to the PitchBook Platform, there have been 88 completed investments in Lovell's targeted industry, Financial Services, since the beginning of 2009. The top two sectors for investment were Specialized Finance and Asset Managers with 11 deals apiece, followed by Regional Banks with 10 deals. The two largest deals were both banks, OneWest Bank (IndyMac) for $1.755 billion and BankUnited Financial for $900 million. Financial Services investing in 2010 is off to a relatively strong start, with eight completed deals in January, making it tied for the third best month since the beginning of 2009.