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Private equity firm based in Santa Monica Ocean Avenue Capital has oversubscribed its fifth flagship fund, resulting in $600 million in capital commitments.
On Feb. 27, the lower-middle market firm announced it had nearly doubled the size of its previous Fund IV, which raised $350 million about four years ago.
Institutional investors participating in this round include endowments, corporate and pension plans, insurance companies, and family offices from around the world.
“We are grateful for the extensive support we have received from our existing investor base and are pleased to add a roster of experienced institutional investors to Fund V, especially in a challenging funding environment for private equity fund managers. “I’m excited about what we can do,” he said. Jeff Ennisco-founder and partner of Ocean Avenue.
according to Jack YousefmirOcean Avenue, one of the firm’s four co-founders and partners, invested entirely from a previous fund and is now bringing in capital from Fund V. Although the firm focuses on equity in companies with revenues ranging from his $5 million to his $50 million, Ocean Avenue also participates in special situation investments.
Ocean Avenue does not elaborate on specific portfolio investments, but says it has invested in more than 130 lower-middle market investments since its founding in 2010. NFL quarterback Eli Manningprivate equity firm brand velocity group in a deal to acquire a youth sports uniform manufacturer.
Ocean Avenue joins a small number of local lower-middle market companies that are increasing the size of their flagship funds in a tough capital-raising environment squeezed by high interest rates.
Ocean Avenue joins many companies with assets around $1 billion remaining in two- to three-year vintage funds. Varsity Healthcare and Angeles Equity Partners As a Los Angeles company that recently raised capital.
“We believe our unique approach of capitalizing on changing industry trends and investing at the very low end of the middle market resonated with a limited number of partners in a very crowded market.” he said. Duran Curisco-founder and partner of Ocean Avenue.
After the closure of Fund V, Ocean Avenue’s total assets were $1.9 billion.
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