Meritage Holds First Close on Fund

Meritage Investment Partners LLC, a new venture group being run by two former Centennial Funds professionals, has held a $111 million first close on its inaugural fund.

The Denver-based firm’s managers, Jack Tankersley and Laura Beller, previously worked with The Centennial Funds, where Tankersley was a co-founder and Beller the chief financial officer.

The new fund, Meritage Private Equity Fund LP, has a $250 million target. Salomon Smith Barney of New York is placing the offering for the new group. The firm will continue the telecommunications focus that was begun at Centennial, although the firm will make later-stage investments.

Under the advisement of the firm’s lawyers, Tankersley said he could not comment on the new fund’s strategy or investments. Meritage has made its first investment, but Tankersley declined comment on that as well.

According to a Securities and Exchange Commission filing dated May 27, Meritage has secured commitments from 23 limited partners in nine states – Colorado, Connecticut, Georgia, Massachusetts, New York, Ohio, Pennsylvania, Tennessee and Wisconsin. The minimum investment for limited partners is $5 million. However, the general partners can accept lesser commitments and apparently have.

Tankersley reduced his duties at Centennial in September 1997, assuming the role of special limited partner at the firm (PEW Sept. 29, 1997, p. 10).