The US-headquartered investment house has held its first and final closing of a private equity fund targeting European businesses.

[tagMarlin Equity Partners]Marlin Equity Partners, a Los Angeles-based investment firm, has held a first and final closing of a Europe-focused private equity fund, raising a total of €325 million ($362.6 million) in total capital commitments.

The fund, Marlin Heritage Europe, was exclusively offered to existing investors in Marlin's lower middle market-focused Heritage Fund platform. It closed at its hard cap in just over two months. Demand was in excess of its initial €200 million target, the firm said.

The fund is a "natural progression for Marlin", it said, having invested in European business since 2006 and having set up a local European presence in 2013. It focuses on industries including technology, business services, healthcare, consumer and manufacturing, among others.

"The formation of the Heritage Europe Fund is primarily driven by our strong deal flow and the attractive investment opportunities we are seeing throughout Europe," said David McGovern, managing partner of Marlin.

Marlin has closed six private equity funds since its inception in 2005 and has more than $3 billion of capital under management. The closing of the Heritage Europe Fund follows an active period for the firm. Since the beginning of 2015, it has acquired 23 businesses, including 11 corporate divestitures.

Bruce Ettelson, Karin Orsic and Katie St Peters of Kirkland & Ellis served as legal counsel. Credit Suisse Securities (USA) acted as an advisor and placement agent in the formation of the Heritage Europe Fund.