Partners Capital Investment Group announced it has reached a final close of Merlin IV, a private equity co-investment fund with more than $1 billion in commitments, as it scales a platform designed to invest alongside high-conviction private equity managers in single-asset deals.
The firm, which reported more than $70 billion in assets under management as of September 30, 2025, said the new vehicle drew commitments from global family offices and institutional investors across North America, Europe, Asia, and Africa. Partners Capital framed the close as a response to demand for co-investment strategies that can provide speed and certainty amid what it described as a rich opportunity set.
Merlin, launched in 2019, invests as an aligned equity partner alongside private equity managers across a range of transaction types. Merlin IV is the fourth fund raised within the platform and the largest to date, according to the firm.
Partners Capital said its co-investment strategy targets lower-middle-market and middle-market buyouts, where sponsors are increasingly seeking reliable equity commitments on compressed timelines. The firm said Merlin IV will invest across industries, geographies, and deal sizes, typically committing between $25 million and $100 million per transaction.
Since launching the Merlin co-investment strategy, Partners Capital said it has deployed more than $2 billion across more than 60 transactions.
KEY QUOTES
“This exciting milestone reflects our ability to source distinctive co-investment opportunities for our clients. Our firm built the Merlin platform by being a trusted, agile partner to leading managers, and this close shows that approach delivers value.”
Arjun Raghavan, Global CEO, Partners Capital
“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,”
Adam Spence, Head Of Co-Investments, 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,”
Jennifer Fox Bensimon, Managing Director, Co-Investments, Partners Capital
