Partners Capital Investment Group has raised over $1bn for Merlin IV, the fourth and largest vehicle in its private equity co-investment platform.
The fund secured commitments from global family offices and institutional investors spanning North America, Europe, Asia, and Africa. The raise reinforces sustained investor appetite for co-investment structures that provide speed, certainty, and direct exposure to single-asset transactions.
Merlin IV focuses on lower-middle-market and middle-market buyouts. The strategy typically invests between $25m and over $100m per deal alongside high-conviction private equity sponsors. In an environment of compressed deal timelines, the ability to provide reliable equity commitments has become increasingly valuable.
“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.”
Adam Spence, Head of Co-Investments at Partners Capital, added: “Merlin IV underscores the scale we bring to the co-investment market and our ability to partner more deeply with sponsors. By acting as a co-lead investor or co-underwriter, we can support transactions with meaningful, reliable capital and be a scaled partner of choice for high-quality managers.”
The Merlin platform, launched in 2019, has now deployed over $2bn across more than 60 transactions. The strategy invests as an aligned equity partner in single-asset deals across industries and geographies.
With more than $70bn in assets under management, Partners Capital continues to expand its direct exposure to private equity deal flow, positioning co-investment as a core element of its global platform.
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