Firm: Alterna Capital Partners
Fund: Alterna Core Capital Assets Fund LP
Target: $1 billion
Amount Raised: $428 million
Placement Agent: C.P. Eaton Partners
Legal Adviser: Orrick Herrington & Sutcliffe LLP
Although it took two years, the Wilton, Conn.-based firm made slow, steady progress with its fundraising for
Alterna Capital intends to write checks of between $20 million and $80 million for control or shared control stakes with like-minded investors, said James Furnivall, managing partner. The firm buys portfolios of assets from institutional investors, originates transactions directly from users and manufacturers, and buys companies that own a lot of hard assets, such as shipping companies.
Alterna Capital has closed its first deal, acquiring an interest in the coal-fired Springerville Power Generating Station in Springerville, Ariz. The facility is leased to Tucson Electric Power, which supplies power to a large part of southern Arizona, until 2015.
Founded in 2007, Alterna Capital has seven investment professionals. Of the four founders, Furnivall spent 11 years at
C.P. Eaton Partners placed the fund; Orrick Herrington & Sutcliffe LLP served as legal adviser.