Ocean Avenue Capital Partners, L.P. Closes Oversubscribed Fund V at $600 Million Hard Cap
SANTA MONICA, Calif., February 27, 2024--(BUSINESS WIRE)--Ocean Avenue Capital Partners, L.P. ("Ocean Avenue" or the "Firm"), a private equity fund manager founded in late 2010 which focuses on lower middle market and special situations investment opportunities sourced through independent sponsors, has held the final closing of Ocean Avenue Fund V, L.P. ("Fund V").
Fund V was oversubscribed and closed at its hard cap of $600 million in limited partner capital commitments. Fund V’s institutional investors include endowments/foundations, corporate and public pension plans, insurance companies and family offices spanning the U.S., Europe, Asia, and South America.
Kirkland & Ellis served as Ocean Avenue’s legal counsel with respect to the formation of Fund V.
Ocean Avenue has invested in over 130 lower middle market companies across multiple industries and verticals over its 13-year history. With the close of Fund V, Ocean Avenue now has approximately $1.9 billion in assets under management.
Jeff Ennis, Co-Founder & Partner, said, "We are grateful for the broad support we received from our existing investor base, and excited to be adding a roster of highly experienced institutional investors in Fund V, especially in what has been a challenging fundraising environment for private equity fund managers."
Duran Curis, Co-Founder & Partner, said, "We believe that our unique approach to investing in the very low end of the middle market, which capitalizes on changing trends in the industry, resonated with limited partners in an otherwise very crowded market."
About Ocean Avenue Capital Partners
Ocean Avenue Capital Partners is an independent private equity firm with offices in Santa Monica, California. Ocean Avenue is a leading source of institutional equity capital focusing on independent sponsor sourced transactions in the lower middle market. Its investment focus targets the inefficient market segments of private equity, as defined by either the size or the complexity of the transactions. Additional information is available at www.oceanavenuecapital.com.
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Contacts
Ocean Avenue Capital Partners, LP
Jacques Youssefmir
Co-Founder & Partner
jyoussefmir@oceanavenuecapital.com
