Ocean Avenue Capital Partners (a private equity fund manager founded in late 2010 focusing 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). And 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.
Ocean Avenue invested in 130+ lower middle market companies across multiple industries and verticals over its 13-year history. And with the close of Fund V, Ocean Avenue now has approximately $1.9 billion in assets under management.
Kirkland & Ellis served as Ocean Avenue’s legal counsel with respect to the formation of Fund V.
KEY QUOTES:
“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.”
– Jeff Ennis, Co-Founder & Partner
“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.”
– Duran Curis, Co-Founder & Partner
