Key Takeaways
- • Partners Capital closes Merlin IV, its fourth co-investment fund, with over $1 billion in final commitments, marking the largest fund to date within the Merlin platform launched in 2019.
- • The fund attracts capital from global family offices and institutional investors across North America, Europe, Asia, and Africa, reflecting strong demand for co-investment vehicles offering speed and certainty in compressed deal timelines.
- • Merlin IV deploys capital in $25 million to $100 million+ per-transaction increments alongside leading private equity managers in lower-middle-market and middle-market buyouts across multiple industries and geographies.
- • Since inception in 2019, the Merlin co-investment platform has deployed over $2 billion across more than 60 transactions, positioning Partners Capital as a scaled, aligned equity partner to sponsors.
- • Partners Capital manages over $70 billion in assets under management and positions Merlin IV as enabling the firm to act as co-lead investor or co-underwriter, strengthening relationships with high-quality private equity managers.
Summary
Partners Capital Investment Group announced the final close of Merlin IV on February 11, 2026, with over $1 billion in commitments from global family offices and institutional investors. The fund represents the fourth tranche of the firm's Merlin co-investment platform, launched in 2019, and marks the largest vehicle to date within the strategy. Commitments were secured from investors across North America, Europe, Asia, and Africa, underscoring institutional and family office appetite for co-investment structures that provide operational speed and deal certainty in the current market environment.
The Merlin platform invests alongside high-conviction private equity managers as an aligned equity partner in single-asset transactions. The co-investment strategy focuses specifically on lower-middle-market and middle-market buyouts, where sponsors increasingly require reliable equity commitments under compressed timelines. Merlin IV will deploy capital typically in $25 million to over $100 million tranches per transaction, enabling Partners Capital and its investor base to participate across a diversified range of industries, geographies, and deal structures.
Since the platform's inception, Merlin has deployed over $2 billion across more than 60 transactions, demonstrating significant scale and operational credibility in the co-investment space. Arjun Raghavan, Global CEO of Partners Capital, characterized the close as validation of the firm's ability to source distinctive opportunities and serve as a trusted partner to leading managers. Adam Spence, Head of Co-Investments, noted that Merlin IV's scale positions the firm to act as co-lead investor or co-underwriter, providing meaningful capital commitments and becoming a preferred partner for high-quality sponsors. Partners Capital manages over $70 billion in assets under management across its outsourced investment office business, leveraging that scale to drive value for both co-investment partners and underlying portfolio companies.
The Merlin platform invests alongside high-conviction private equity managers as an aligned equity partner in single-asset transactions. The co-investment strategy focuses specifically on lower-middle-market and middle-market buyouts, where sponsors increasingly require reliable equity commitments under compressed timelines. Merlin IV will deploy capital typically in $25 million to over $100 million tranches per transaction, enabling Partners Capital and its investor base to participate across a diversified range of industries, geographies, and deal structures.
Since the platform's inception, Merlin has deployed over $2 billion across more than 60 transactions, demonstrating significant scale and operational credibility in the co-investment space. Arjun Raghavan, Global CEO of Partners Capital, characterized the close as validation of the firm's ability to source distinctive opportunities and serve as a trusted partner to leading managers. Adam Spence, Head of Co-Investments, noted that Merlin IV's scale positions the firm to act as co-lead investor or co-underwriter, providing meaningful capital commitments and becoming a preferred partner for high-quality sponsors. Partners Capital manages over $70 billion in assets under management across its outsourced investment office business, leveraging that scale to drive value for both co-investment partners and underlying portfolio companies.
Go deeper than the headline
Research every firm in this story, track the ones that matter and get the daily briefing — free for 7 days.