Thu, Sep 3, 2015
A A A
Welcome Guest
Free Trial RSS
Get FREE trial access to our award winning publications
Private Equity Strategies

EBF & Associates Closes $800 Million Merced Partners IV, L.P.

Monday, December 02, 2013

By: Bailey McCann, Private Equity Strategies

EBF & Associates, L.P has closed its Merced Partners IV, L.P. fund at its hard cap of $800 million. The fund had an initial target of $750 million. Merced Partners IV will make opportunistic value investments in niche financial instruments and hard assets, pursuing the same investment strategy successfully utilized in its predecessor fund, Merced Partners III, L.P. (a $567 million fund closed in December 2010). The Fund will target opportunities generally ranging from $10 million to $100 million. Limited partners in the Fund include endowments, foundations, state and corporate pension plans, and family offices.

Since 2005, EBF has raised six multi-year lock-up funds with approximately $2.4 billion in aggregate commitments. EBF also manages Merced Partners Limited Partnership, an annual liquidity fund formed in 1990. EBF has 37 employees including six partners and 12 investment professionals.

Private Equity Strategies spoke to Andrew Platt, Managing Director at EBF about the fund and what the firm plans to do going forward. “In all it was about three and a half months from first close to final close, and we were oversubscribed on this fund. So I think some of the challenges that others have seen on the fundraising side, we were able to avoid. That said we also have a strong commitment to off-cycle marketing. It’s a continuous conversation with our investor base, and I think that makes it easier when we are raising new funds,” he says.

So far the new fund is already 10% invested, with a strong pipeline of opportunities to consider going forward. “We like a lot of what we are seeing in hard assets, ships, aircraft. Ships and aircraft are what we call globally ubiquitous assets, everyone uses them, and everyone needs them.” Almost all of the investments across EBF’s fund group are unlevered and the funds themselves are unlevered, Platt notes.

“I think investors now are more comfortable with lock-ups and longer investment periods in the private equity structure, they are socialized into that. It’s a different conversation in a hedge fund structure, but even there it is possible as well. Investors now are looking for returns and they are looking for cross-asset buckets, alternatives to their alternatives, if you will. We’ve been able to build on that need and provide a value proposition.”

 
This article was published in Opalesque's Private Equity Strategies our monthly research update on the global private equity landscape including all sectors and market caps.
Private Equity Strategies
Private Equity Strategies
Private Equity Strategies
Private Equity Strategies


Today's Exclusives Today's Other Voices More Exclusives
Previous Opalesque Exclusives                                  
More Other Voices
Previous Other Voices                                               
Access Alternative Market Briefing


  • Top Forwarded
  • Top Tracked
  • Top Searched
  1. Cliff Asness attracts $360 million as liquid alternative funds hold up[more]

    From Bloomberg.com: As U.S. stocks suffered their worst month in more than three years in August, Clifford Asness’s managed futures fund was able to profit. Investors are taking notice. The $9.12 billion AQR Managed Futures Strategy Fund pulled in an estimated $360 million in net subscriptions last

  2. Performance - Einhorn and Loeb's hedge funds both decline 5% in August, Some target-date funds miss in the market turmoil[more]

    Einhorn and Loeb's hedge funds both decline 5% in August From Reuters.com: Hedge fund billionaires David Einhorn and Daniel Loeb saw their main funds lose roughly 5 percent in August during a dramatic market sell off, two people familiar with their returns said on Monday. Einhorn's

  3. Opalesque Exclusive: When the SEC calls, fund managers need to get out of their own way[more]

    Bailey McCann, Opalesque New York: New pressure is hitting alternative investment funds from all angles. So far this month both hedge fund and private equity players have seen enforcement actions, and subsequent fines over fees, disclosures, and misleading statements. Citi one of the biggest

  4. Fortress hedge fund manager David Dredge says markets trouble on the way[more]

    From AFR.com: David Dredge of global hedge fund Fortress has built a career studying, predicting and protecting against the world's major financial crises. The recent convulsions in global sharemarkets are "just the beginning" of a painful adjustment as money drains from the emerging market economie

  5. North America - Puerto Rico agency plans talks with hedge fund creditors[more]

    From WSJ.com: Puerto Rico’s Government Development Bank is planning to begin confidential debt-restructuring talks with hedge funds that own its bonds as early as next week, said a person familiar with the matter. The parties are set to discuss a plan under which the investors would lend additional

banner