Falcon Investment Advisors held a final close on $909.7 million for Strategic Partners IV, according to a statement released by the fund’s placement agent Atlantic-Pacific Capital. The final close is well over the firm’s initial target of $850 million.
The fund will provide mezzanine financing and capital solutions to North American mid-market companies. Falcon Investment Advisors’ investment strategy includes acquisition financings, recapitalisations, refinancings, management and leveraged buyouts, according to its website.
“Institutional investors responded very favorably to the firm's differentiated strategy of creating unique and flexible capital solutions for middle market businesses to help them take advantage of strategic opportunities,” said Atlantic-Pacific partner Brendan Edmonds in a statement.
Limited partners include the Teachers’ Retirement System of Louisiana, which committed $50 million to the vehicle in September 2012. The firm’s previous fund had netted a 15 percent internal rate of return or 1.3x multiple as of that date, according to a Preqin report.
In December, Falcon made a structured equity investment in Captain D’s Holding Corp, which owns and operates seafood restaurants in 26 US states.