Incline closes latest funds at nearly $1bn

Incline Equity Partners closed its Incline Elevate Fund II and Incline Ascent Fund with a combined nearly $1 billion in fresh capital.

The Pittsburgh-based private equity firm used private placement agent Sixpoint Partners in the fundraise.

Elevate II raised $630 million, while Ascent closed with $310 million with robust support after only four months of marketing, officials said. Elevate II will continue to be led by Tom Ritchie, Evan Weinstein and Victor Martinelli. Bob Erwin joined the Incline team in July from Monument MicroCap Partners and will lead Ascent along with Brad Phillips.

“The successful fundraises demonstrate the growth of our firm and our active role as a respected manager in the market,” said Jack Glover, managing partner of Incline.

Jack Glover (provided)

The latest funds complement Incline’s flagship series, whose fifth fund, Incline Equity Partners V closed on $1.165 billion in 2020.

The platform leverages Incline’s sector expertise and helps expand the firm’s range of potential investment targets to include businesses between $25 million and $750 million in enterprise value. These investments include value-added distribution, business services, and specialized light manufacturing companies.  

“We have had the privilege to serve as Incline’s fundraising partner for every vehicle the firm has raised since its spin-out from PNC Bank,” said Larry Smith, partner at Sixpoint. “It’s been amazing to witness the evolution of the platform and we know that they will continue to grow and deliver exceptional returns to their investors.”

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