Fundamental Advisors LP has closed its third private equity fund at $993 million. Fundamental Partners III LP’s limited partners include state and corporate pensions, foundations, financial institutions and ultra-high net worth platforms. The fund will invest in municipal and public purpose assets, which include affordable and student housing, senior care, infrastructure, alternative energy and hospitality.
NEW YORK, May 18, 2017 /PRNewswire/ — Fundamental Advisors LP (“Fundamental”), a leading alternative asset manager focused on special situations in municipal market and public purpose assets, today announced the final close of its third private equity fund, Fundamental Partners III LP (“Fund III”), with $993 million in capital commitments. With extensive and expanding opportunities in these markets, as well as a proven record of delivering consistent returns over the past decade, Fundamental exceeded its target for Fund III. A majority of Fundamental’s existing investors committed to the Fund, alongside a diverse group of new investors including state and corporate pensions, foundations, financial institutions, and ultra-high net worth platforms.
Consistent with prior funds, Fundamental will invest Fund III in municipal and public purpose assets that are critical to the community, including affordable and student housing, senior care, infrastructure, alternative energy and hospitality. With unparalleled insight into target markets, Fundamental’s highly experienced team has successfully leveraged its unique sourcing channels and operational experience to drive total returns. Fundamental has committed approximately $1.7 billion across more than 100 transactions since 2007.
“As private capital takes on an increasingly crucial role in developing, revitalizing, and sustaining critical community assets, the differentiated approach that we pioneered over a decade ago is more vital than ever,” said Laurence L. Gottlieb, Chairman and CEO of Fundamental Advisors. “Having invested in community assets and essential services for most of my career, the opportunities in today’s market are increasingly compelling. Successfully closing Fund III allows our team to continue to execute on our objectives of investing in assets where we drive meaningful value for both our investors and the surrounding community. We are most grateful for the support from our new and existing Limited Partners.”
About Fundamental Advisors
Fundamental Advisors is a leading alternative asset manager dedicated to the municipal markets. Founded in 2007, the firm is focused on targeting control oriented investments in stressed and distressed assets or securities, financing the development or revitalization of public purpose assets, or acquiring undervalued securities in the secondary market. Fundamental invests through a range of vehicles that capitalize on the growing opportunity set in the municipal market. For more information, please visit www.fundamentaladvisorslp.com.