- Monday March 15, 2010
Peninsula Capital Partners Holds Final Closing on its Fifth Mezzanine and Structured Equity Partnership.
On March 15th Detroit-based Peninsula Capital Partners L.L.C. held its final closing on its fifth mezzanine and structured equity partnership, completing its fund-raising with $389 million of capital commitments. Despite a historically difficult market environment for fund-raising, Fund V exceeded its $350 million goal, and had the opportunity to raise substantially more capital from a supportive investor base but chose to limit the Fund’s size to a manageable level. Capital was raised from an entirely institutional investor base, including most Fund IV investors. The Fund launched fund-raising during the second-quarter of 2009, and was fully committed by year end; however, the final closing was delayed until March 2010 to accommodate a few investors’ schedules.
As was the case for its previous partnerships, the General Partner raised the Fund entirely in-house without the assistance of a third-party fund-raiser organization. The General Partner’s President & Chief Investment Officer, Scott Reilly, principally coordinated the effort, which met with much enthusiasm from existing LPs and the marketplace despite an otherwise poor fund-raising environment.
“We are deeply grateful for the continued patronage of our investors during this turbulent market period.” stated Mr. Reilly. “We are further grateful for the addition of several highly valued new LPs to our investor group. Clearly, our long-term commitment to lower middle-market non-sponsored mezzanine investing has been rewarded in the marketplace.”
Peninsula Fund V has essentially the same investment objectives as its predecessors, namely focusing on mostly unsponsored transactions in the lower end of the middle market. The Fund will invest subordinated debt and/or equity in amounts from $5 million – $40 million, with larger amounts available in conjunction with its LPs.
Fund V was preceded by a 2005 vintage $335 million Fund IV, a 2001 vintage $271 million Fund III, a 1998 vintage $143 million Fund II, and a 1996 vintage $53 million Fund I.
Contact:
Scott A. Reilly, CFA
President & Chief Investment Officer
313.237.5100