Fri, Dec 9, 2016
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. Institutions - Texas County & District culls 5 hedge funds, reallocates to existing managers, Kentucky board gives final approval to halve hedge fund portfolio, $38bn Finnish fund moves assets to U.S. as Europe flounders, South Korea’s National Pension Fund holds 5% stake in 62 listed companies[more]

    Texas County & District culls 5 hedge funds, reallocates to existing managers Texas County & District Retirement System, Austin, continues to reduce the number of hedge funds, but not the size of its $6.2 billion hedge fund portfolio. It will redeem a total of $760 million from five hedg

  2. Opalesque Roundtable: Australian family offices search for good risk adjusted returns, happy to pay for skill[more]

    Komfie Manalo, Opalesque Asia: Australian family offices want foremost good risk adjusted returns, and they are happy to pay for the skill, and in some cases, the limited capacity of an active manager. Jonas Daly, Head of Distribution at B

  3. StepStone announces close of Swiss Capital acquisition[more]

    StepStone Group LP announced it has successfully closed the acquisition of Swiss Capital Alternative Investments AG, one of the leading private debt and hedge fund solutions providers in Europe. The transaction was originally announced in May 2016, and has been in the process of receiving regulatory

  4. Investing - Stephen Cohen investing $275m in free clinics treating veterans' mental health issues, California Resources loses favor with hedge funds[more]

    Stephen Cohen investing $275m in free clinics treating veterans' mental health issues From Healthcarefinancenews.com: …Now, a new chain of free mental health clinics for vets has opened in five cities across the United States to fill the gap. The much-needed new treatment is underwritten

  5. Hedge funds flat in last week of November 'in sympathy with markets’[more]

    Komfie Manalo, Opalesque Asia: Hedge funds were close to flat in the last week of November in sympathy with markets, which took a pause ahead of the OPEC meeting and Italian referendum. The Lyxor Hedge Fund Index was -0.1% as of end November 29 (-1.7% YTD), according to the latest