Incline Equity Closes Second Ascent Fund Oversubscribed at $500M

Specialized manufacturing investor Incline Equity Partners said January 23 that it raised $500M following the oversubscribed close of its second growth fund, Incline Ascent Fund II.

The middle market private equity firm filed for the fund with the SEC on December 17, 2024. It attributed the high demand and fast fundraise to the support of its long-term partners and employees. Ascent Fund II's close followed the over $1.9B completion of Incline Equity Partners VI in 2023. Investors in that fund included Pennsylvania Public School Employees’ Retirement ($90M) and the Texas Municipal Retirement System ($40M), according to Dakota data.

In accordance with Incline's strategy, the latest fund will target so-called durable middle-market businesses in the services, value-added distribution and specialized light manufacturing sectors with enterprise value within the $25M to $750M range.

In its over 23 years, Pittsburgh, PA-based Incline has committed $6.3B in capital and executed 72 platform investments, according to its website. The firm's portfolio includes Mostardi Platt, Unified Power, Revival Animal Health, and Kindsight.

Written By: Dakota

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