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Laxman Pai, Opalesque Asia:

Financial services-focused private equity firm Lovell Minnick Partners has hit a $1.28bn hard cap for the final close of its latest flagship fund.

As private equity firms continue benefit from strong demand for alternative investments, Lovell Minnick Equity Partners V LP (Fund V) exceeded its $1bn target and closed at its hard cap, the maximum amount allowed for the fund, according to a statement.

Lovell Minnick secured commitments to Fund V from a diverse group of investors including U.S. and international public and private pension funds, insurance companies, endowments and foundations, asset managers and family offices.

Investors in Fund V include the $111.1bn New York State Teachers' Retirement System, Albany, and the $69.3bn Massachusetts Pension Reserves Investment Management Board, Boston.

"We are grateful for the strong support we received from existing investors, as well as confidence in our strategy from many new investors in the U.S. and abroad," said Steve Pierson, Managing Partner at Lovell Minnick Partners.

"Fund V will enable us to continue pursuing our proven thematic approach to investing and partnering with outstanding management teams to support them in growing their companies," he added.

Lovell Minnick's Fund V will continue the same focused strategy as its predecessor funds, investing in middle market businesses in the Americas and Europe where the firm can apply its industry experience, va......................

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