BOSTON & LONDON–(BUSINESS WIRE)–Partners Capital Investment Group (“Partners Capital”), a leading global investment firm with over $70 billion of assets under management*, today announced the final close of Merlin IV, a private equity co-investment fund, with over $1 billion in commitments.
The fund includes commitments from global family offices and institutional investors across North America, Europe, Asia, and Africa, underscoring strong investor demand for co-investment strategies that seek to provide speed and certainty in a market environment with a rich opportunity set.
The Merlin co-investment platform, first launched in 2019, invests alongside high-conviction private equity managers as an aligned equity partner in single-asset transactions across a range of transaction types. This latest fund represents the fourth raised within the platform and the largest to date.
“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.”
The firm’s co-investment strategy focuses on lower-middle-market and middle-market buyouts, where private equity firms increasingly require reliable equity commitments under compressed timelines. Merlin IV provides Partners Capital and its clients with the opportunity to invest in a range of industries, geographies, and deal sizes, often investing $25 million to over $100 million per transaction alongside private equity managers.
“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,” said Adam Spence, Head of Co-Investments at Partners Capital.
“Our recent close will help to deepen our partnerships with existing managers, while also enabling us to build new, long-term relationships with high-quality sponsors that are not yet in our program. 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.
Since Partners Capital launched its Merlin co-investment strategy, the fund has deployed over $2 billion across more than 60 transactions.
*As of September 30, 2025
About Partners Capital
Founded in 2001, Partners Capital is a global investment office acting for distinguished endowments and foundations, senior investment professionals and prominent families across the globe. With over $70B in assets under management as of September 30, 2025, the firm constructs customized investment portfolios for its clients tapping into its deep network of partnerships with what it considers exceptional asset managers across all major asset classes. The firm employs more than 400 people across its eight offices located in Boston, London, New York, Dallas, Hong Kong, Paris, San Francisco, and Singapore. For more information on Partners Capital, please visit: www.partners-cap.com.
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