Incline Equity Partners has closed its first fund extension platform, Incline Elevate Fund L.P., with $314.5 million in capital commitments. Elevate will leverage the Pittsburgh-based private equity firm’s established investing strategy, process and culture to source and execute investments in the lower middle market.
This is a segment where Incline has a strong track record but it had outgrown in its flagship fund, which seeks to make similar investments in larger companies.
“Elevate surpassed its initial target of $250 million after only two months of marketing,” Incline Managing Partner Jack Glover said, in a statement. “Renewing our focus in the lower middle market presents a compelling opportunity for the firm and our limited partners. We appreciate the continued support and confidence of our investors, and we are proud to expand our investment capabilities.”
Incline also welcomed Tom Ritchie and Evan Weinstein to the firm, joining as partners of Elevate. The two have a 25-plus year history of sourcing, closing and managing investments in companies across the value-added distribution, specialized light manufacturing and business services sectors. In addition to utilizing Incline’s existing finance and business development resources, Ritchie and Weinstein will lead a separate execution team based in New York.
In May 2019, Elevate made its first investment in Wholesale Supplies Plus, a value-added distributor of raw materials, supplies and packaging used in the production of soap, lotion, cosmetics and candles as well as other personal care products by professional crafters.