AMA Seeks $150M For LBO Funds, Co-investments

Firm: Asset Management Advisors

Funds: AMA Private Equity Fund of Funds and AMA Private Equity Direct Fund 2007

Target: $150 million combined

Probable Close: September

Fresh off establishing a private equity funds team, multi-family office Asset Management Advisors has raised most of the $150 million it has targeted for two debut funds of funds. Now would be a good time for general partners to start calling if they want some capital, said a source familiar with the situation.

Palm Beach, Fla.-based AMA has two funds in the market: AMA Private Equity Fund of Funds 2007 and a direct fund, called AMA Private Equity Direct Fund 2007. The firm aims to close them at a combined $150 million in September. It’s unclear exactly how the money will be divided between the two funds, our source said.

Out of the combined $150 million, expect 60 percent to 70 percent to go to buyout vehicles, about half of that co-investment money. The remainder is going to a combination of venture and direct real estate managers. The firm has just started making commitments, and has plenty of room for new managers, our source said. The firm hasn’t set an exact number yet for the number of funds it would like to back.

Earlier this month, the firm announced it had hired the private equity fund of funds group from SunTrust Equity Partners. The Atlanta-based team includes Ted Mayden, who previously led SunTrust’s equity capital, high-yield and municipal capital markets businesses, as well as Ken Millar, Jeff McNeill and David Cusimano. At SunTrust, the group was managing the money on the bank’s balance sheet. The group is AMA’s first dedicated private equity team. They report to Andrew Mehalko, AMA’s chief investment officer.

AMA consists of 11 family offices on the East Coast. It has assets of over $10 billion. Growing at 30 percent per year overall in assets under management, AMA feels underallocated to private equity, said our source.—M.C.