Marlin Management Company, based in Los Angeles, has held a first and final close for its second fund on $300 million (€203 million).
The special situations-focussed fund began being marketed by Probitas Partners in September, and had an initial target of $250 million. Limited partners include endowments, foundations, pension funds, family offices, financial institutions and insurance companies.
The vehicle will employ the two-year old firm’s investment strategy of making controlling investments in companies “undergoing varying degrees of operational, financial or market driven change”, according to a statement. Though the fund will invest across numerous industries, it will focus mostly on the technology, consumer and healthcare sectors.
Bruce Ettelson and Karin Orsic of Kirkland & Ellis served as legal counsel for the fund’s formation.
Marlin Management was founded by David McGovern, previously a managing director and head of mergers and acquisitions at Gores Technology Group, now known as Gores Group. Marlin’s portfolio includes Ronco, a manufacturer of kitchen products, SupplyWorks, a supply chain management software and services company, and Stravina, a company that designs, develops and markets name-personalised gifts and novelties.
Marlin did not immediately return a request for comment.