Partners Capital Closes $1B+ Merlin IV Co-Investment Fund
Partners Capital Investment Group has closed its fourth co-investment private equity vehicle, Merlin IV, with more than $1 billion in commitments, marking the largest fundraise in the platform’s history.
Launched in 2019, the Merlin strategy invests as an aligned equity partner alongside high-conviction private equity managers in single-asset transactions across a range of deal types. The latest fund attracted capital from global family offices and institutional investors spanning North America, Europe, Asia and Africa.
“This exciting milestone reflects our ability to source distinctive co-investment opportunities for our clients,” said Arjun Raghavan, Global CEO of Partners Capital. “Our firm built the Merlin platform by being a trusted, agile partner to leading managers, and this close shows that approach delivers value.”
Merlin IV targets lower-middle-market and middle-market buyouts, where general partners increasingly seek reliable equity capital under compressed execution timelines. The fund typically invests $25 million to more than $100 million per transaction, providing exposure across industries, geographies and deal sizes.
“At the core of our approach is being a constructive partner across a private equity manager’s lifecycle, not as a one-time source of capital,” added Jennifer Fox Bensimon, Managing Director, Co-Investments, at Partners Capital.
Across the Merlin platform, more than $2 billion has been deployed across 60-plus transactions.