Evolution Capital Partners, a Cleveland, Ohio-based private equity firm, made an undisclosed equity investment in American Eagle Mortgage (AEM), a Lorain, Ohio-based mortgage lender that originates loans in Ohio, Kentucky and Florida. AEM deals primarily in Federal Housing Administration– and Veterans Affairs-backed mortgages. The equity investment is the fifth of its kind in Evolution’s current fund. “They have proven to be a significant player in what has become a very volatile market,” Evolution managing partner Brendan Anderson said of AEM. “We look forward to partnering with management to continue to build on and expand American Eagle’s product offering,” he added. Write to Austin Kilgore.