Key Takeaways
- • Partners Capital announced the final close of Merlin IV, a private equity co-investment fund with over $1 billion in commitments, according to a Business Wire release dated February 11, 2026.
- • Merlin IV is the fourth fund raised within the Merlin co-investment platform, first launched in 2019, and is the largest to date.
- • Commitments come from global family offices and institutional investors across North America, Europe, Asia, and Africa.
- • The strategy targets lower-middle-market and middle-market buyouts, typically investing $25 million to over $100 million per transaction alongside private equity sponsors.
- • Since launch, the Merlin platform has deployed over $2 billion across more than 60 transactions.
Summary
Partners Capital Investment Group, a global investment firm with over $70 billion in assets under management as of September 30, 2025, announced the final close of Merlin IV, a private equity co-investment fund with over $1 billion in commitments. The announcement was issued by Business Wire from Boston and London.
The fund draws commitments from global family offices and institutional investors across North America, Europe, Asia, and Africa. Partners Capital said the close reflects strong investor demand for co-investment strategies that offer speed and certainty in a market with a rich opportunity set. Merlin IV is the fourth fund raised within the platform and the largest to date.
The Merlin platform invests alongside high-conviction private equity managers as an aligned equity partner in single-asset transactions. Its co-investment focus is on lower-middle-market and middle-market buyouts, where sponsors increasingly require reliable equity commitments on compressed timelines. Partners Capital said Merlin IV gives the firm and its clients exposure to a range of industries, geographies and deal sizes, with individual investments often ranging from $25 million to more than $100 million.
Arjun Raghavan, Global CEO of Partners Capital, said the close reflects the firm's ability to source distinctive co-investment opportunities. Adam Spence, Head of Co-Investments, said the firm can act as co-lead investor or co-underwriter, providing scaled capital to sponsors. Jennifer Fox Bensimon, Managing Director, Co-Investments, said the firm aims to be a constructive partner across a manager's lifecycle rather than a one-time source of capital. Since launch, the Merlin strategy has deployed over $2 billion across more than 60 transactions.
Partners Capital, founded in 2001, acts as a global investment office for endowments, foundations, senior investment professionals and families, employing more than 400 people across eight offices.
The fund draws commitments from global family offices and institutional investors across North America, Europe, Asia, and Africa. Partners Capital said the close reflects strong investor demand for co-investment strategies that offer speed and certainty in a market with a rich opportunity set. Merlin IV is the fourth fund raised within the platform and the largest to date.
The Merlin platform invests alongside high-conviction private equity managers as an aligned equity partner in single-asset transactions. Its co-investment focus is on lower-middle-market and middle-market buyouts, where sponsors increasingly require reliable equity commitments on compressed timelines. Partners Capital said Merlin IV gives the firm and its clients exposure to a range of industries, geographies and deal sizes, with individual investments often ranging from $25 million to more than $100 million.
Arjun Raghavan, Global CEO of Partners Capital, said the close reflects the firm's ability to source distinctive co-investment opportunities. Adam Spence, Head of Co-Investments, said the firm can act as co-lead investor or co-underwriter, providing scaled capital to sponsors. Jennifer Fox Bensimon, Managing Director, Co-Investments, said the firm aims to be a constructive partner across a manager's lifecycle rather than a one-time source of capital. Since launch, the Merlin strategy has deployed over $2 billion across more than 60 transactions.
Partners Capital, founded in 2001, acts as a global investment office for endowments, foundations, senior investment professionals and families, employing more than 400 people across eight offices.
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