Ocean Avenue Capital Partners LP, a lower-middle market private equity firm, has closed its fourth fund at a hard cap of $350 million, beating its $300 million target. The fund’s investors include public and corporate pensions, foundations, financial institutions, asset managers and family offices, as well as high- net worth individuals.Kirkland & Ellis provided legal counsel on the fund.
SANTA MONICA, Calif.–(BUSINESS WIRE)–Ocean Avenue Capital Partners, L.P. (“OACP”) has completed fundraising for Ocean Avenue Fund IV, L.P. (“Fund IV”). The Fund had a $300 million target and received limited partner commitments at its hard cap of $350 million.
Established in 2011, OACP focuses on investing (primarily by partnering with independent sponsors, but also by coinvesting alongside fund sponsors) in lower middle market buyouts (typically ranging from $3mm to $15mm in EBITDA), and special situation/distressed investments in North America. OACP expects that representative transactions in Fund IV will include change of control investments in founder owned businesses in transition, investments in underperforming businesses/turnarounds, carve-outs of none-core divisions of companies, restructurings, and thematic platform builds. The investor base for Fund IV comprises a diverse group of institutional investors including public and corporate pensions, foundations, financial institutions, asset managers and family offices, as well as high net worth individuals.
Kirkland & Ellis served as OACP’s legal counsel with respect to the formation of Fund IV.
This press release is not an offer or solicitation of an offer, or an invitation or inducement, to invest in any OACP fund. No person may invest in any OACP fund except in accordance with and subject to the terms of the applicable fund documentation and applicable law.
About Ocean Avenue Capital Partners, L.P.
Based in Santa Monica, CA, Ocean Avenue Capital Partners, L.P. is a lower middle-market private equity investment firm managing approximately $1.3 billion of capital. For more information, please visit www.oceanavenuecapital.com.