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Laxman Pai, Opalesque Asia:

American alternative asset manager Shoreline Equity Partners closed its second private equity fund, Shoreline Equity Partners Fund II, at $450m.

According to a press release from the purpose-driven lower middle market private equity firm, it began fundraising in October with an initial target of $400 million of limited partner commitments and received significant support from its existing investor base.

"With increased support from existing investors, significant commitments from the Firm's executive network, and strong interest from new investors, SEP II was oversubscribed and quickly reached its limited partner hard cap of $450 million. In addition, the professionals at Shoreline provided a meaningful incremental capital commitment to support the fund," said the release.

Since Shoreline's launch in March 2019, the Firm has invested in seven platforms and completed over 25 add-ons. The Firm focuses on working with leading management teams of lower middle market companies with EBITDA typically ranging between $5 million and $25 million.

To support the growth in SEP II, Shoreline has hired an additional four professionals to enable the team to stay focused while deploying capital across the lower end of the middle market, it said.

Mike Hand, Managing Partner said: "We do not take lightly the trust our blue-chip partners have placed in us in an incredibly difficult fundraising environment. The overwhelming interest ......................

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