Incline Equity Partners, a Pittsburgh PE firm investing in manufacturing, distribution and business services companies, has closed Incline Equity Partners V, L.P. and Incline Equity Partners V-A, L.P. on $1.165 billion of capital commitments. The fund was oversubscribed above its initial target of $850 million after just three months of marketing, according to Sixpoint Partners, a New York-based global investment bank.
Fund V received capital commitments from a number of domestic and international investors, including endowments, foundations, multi-manager funds, consultants, public pensions, corporate pensions and family offices.
Fund V follows the strategy of its predecessor fund, Incline Equity Partners IV, L.P., which closed at its hard cap of $601 million of capital commitments in 2017. Fund V’s strategy focuses on middle-market durable businesses with multiple opportunities for growth in the value-added distribution, specialized light manufacturing and business services sectors.
Fund V will seek to make control-oriented equity investments in companies with enterprise values generally in the $100 million to $450 million range. The firm, led by its senior partners, Jack Glover, Justin Bertram and Leon Rubinov, has invested in 41 companies since it was founded in 2011
“We are extremely grateful for the demand and support generated from our limited partners in Fund V,” Incline Managing Partner Jack Glover said, in a statement. “Incline looks forward to building on our track record as a leading player in the middle-market investment community by remaining focused on producing value for our portfolio companies and investors in Fund V.”
Incline’s typical investment types are ownership transitions for privately held businesses, buyouts and corporate divestitures within the U.S. and Canada.