Mount Elbert Capital Partners said March 26 that its first fund closed on $382 million, surpassing its $290 million initial target. Mount Elbert Capital , of Denver, is a real-assets private equity firm that targets deals in internet infrastructure, including data centers, colocation and interconnection assets and operating companies, and related assets. Jefferies LLC served as placement agent.
DENVER–(BUSINESS WIRE)–Mount Elbert Capital Partners (“Mount Elbert”), a real-assets private equity firm with specialized capabilities in internet infrastructure, today announced that it has completed the final closing of its first fund, Mount Elbert Capital Partners Fund 1 (”Fund 1”). The Fund closed on equity commitments totaling $382 million, surpassing the initial target of $290 million. In raising Fund 1, Mount Elbert attracted a range of global investors, including pension funds, endowments, and family offices.
Fund 1 was 22% invested at December 31, 2018, investing alongside global institutional investors GIC and OPTrust in EdgeCore Internet Real Estate (“EdgeCore”). EdgeCore is an investment vehicle developing, acquiring, and operating data centers and related infrastructure, and has been initially capitalized with over $900 million of equity targeted to support approximately $2.0 billion in data center development. In addition to Mount Elbert’s investment through Fund 1, Mount Elbert affiliates serve as General Partner of and provide asset-management, development, and leasing services to EdgeCore.
“We appreciate the support of our investors and the trust they place in us. We are pleased to have been oversubscribed in Fund 1, and we believe the investment environment for the Fund is attractive,” said Tom Ray, Chairman, and CEO of Mount Elbert. “We are also pleased to have established the operating capabilities inherent in Mount Elbert’s service affiliates; we view these capabilities as invaluable and have positioned them to scale and support further investment. Experienced as both investors and operators, we work to leverage our industry relationships, investment vision, and operational insight and resources to discern a deeper layer of opportunities and risks in an investing environment featuring an abundance of both. We remain focused upon generating attractive risk-adjusted returns by sourcing attractive investment opportunities and catalyzing elevated execution through our highly driven operational capability and ethos.”
Jefferies LLC served as exclusive global placement agent and financial advisor for Mount Elbert.
This press release does not constitute an offer to sell, or a solicitation of an offer to buy, any securities.
About Mount Elbert
Mount Elbert Capital Partners is a real-assets private equity firm with specialized capabilities in internet infrastructure, including data centers, colocation and interconnection assets and operating companies, and related assets. Our founders and investment professionals have experience evaluating, making and managing investments in real assets with an aggregate value exceeding $20 billion across the US, Europe, and Asia, with more than $15.0 billion in internet infrastructure. For more information, visit www.mountelbert.com.
About EdgeCore Internet Real Estate
EdgeCore Internet Real Estate is a preeminent U.S. developer, owner and operator of highly scalable, cloud-connected, wholesale data center campuses, providing solutions to the Global 2000, including hyperscale cloud and internet companies. EdgeCore is currently developing data center campuses in Dallas, Phoenix, Northern Virginia, Reno, and Silicon Valley with plans to develop campuses in additional markets. Each of the Company’s five initial campuses is designed to support between 80 and 225 MW of critical load, representing total capacity exceeding 800 MW across the Company’s current platform. EdgeCore is committed to enabling the growth and supporting the rigorous performance requirements of its customers leveraging ready-for-service capacity and bespoke build-to-suit solutions across the U.S. For more information, visit www.edgecore.com or follow us on Twitter or LinkedIn.
GIC is a leading global investment firm with well over US$100 billion in assets under management. Established in 1981 to secure the financial future of Singapore, the firm manages Singapore’s foreign reserves. A disciplined long-term value investor, GIC is uniquely positioned for investments across a wide range of asset classes, including real estate, private equity, equities and fixed income. GIC has investments in over 40 countries and has been investing in emerging markets for more than two decades. Headquartered in Singapore, GIC employs close to 1,500 people across 10 offices in key financial cities worldwide. For more information about GIC, please visit www.gic.com.sg.
A fully funded plan with net assets of over $20 billion, OPTrust invests and manages one of Canada’s largest pension funds and administers the OPSEU Pension Plan, a defined benefit plan with over 92,000 members and retirees.
OPTrust is a global investor in a broad range of asset classes including Canadian and foreign equities, fixed income, real estate, infrastructure and private markets, and has a team of highly experienced investment professionals located in Toronto, London and Sydney. As a pension management organization, OPTrust’s mission is to pay pensions today, preserve pensions for tomorrow. For more information, please visit www.optrust.com.