Partners Capital has raised over $1 billion for Merlin IV, its fourth and largest private equity co-investment platform. The fund attracted commitments from global family offices and institutional investors across North America, Europe, Asia, and Africa.

Merlin IV targets lower-middle-market and middle-market buyouts, typically investing $25 million to over $100 million per deal alongside high-conviction private equity sponsors. The platform's ability to provide reliable equity commitments has become increasingly valuable in an environment of compressed deal timelines.

The Merlin platform, launched in 2019, has now deployed over $2 billion across more than 60 transactions. With more than $70 billion in assets under management, Partners Capital continues to expand its direct exposure to private equity deal flow, positioning co-investment as a core element of its global platform.