Falcon soars past target with $909.7 mln mezzanine fund

Firm: Falcon Investment Advisors

Fund: Falcon Strategic Partners IV LP

Target: $850 mln

Placement Agent: Atlantic-Pacific Capital

The firm, with offices in Boston and New York, intends to use the pool to supply subordinated debt for the support of acquisitions, recapitalizations, buyouts and growth equity financings of North American mid-market companies. The firm typically invests $10 million to $75 million at a time in companies that generate at least $10 million in annual EBITDA. Atlantic-Pacific Capital was the placement agent on Falcon Strategic Partners IV LP.

Since its founding in 2000 Falcon Investment Advisors has raised more than $2.3 billion and backed more than 50 companies across a range of industries. Its predecessor fund, a $729 million pool, is counted as a 2009 vintage fund in the database of Thomson One, a product of Thomson Reuters. The firm’s roughly 28-professional team is led by Managing Partners Sandeep Alva and William J. Kennedy Jr.

Florida State Board of Administration committed $100 million to the fund, while Louisiana State University Foundation committed $50 million, according to the Buyouts LP commitment database

Prior backers of Falcon Investment Advisors funds have included City of Philadelphia Board of Pensions and Retirement, Indiana Public Employees’ Retirement Fund, Los Angeles City Employees Retirement Systems, Los Angeles County Employees Retirement Association, New Mexico State Investment Council, New York State Office of the State Comptroller, New York State Teachers Retirement System, State Retirement System & Pension Systems of Maryland and Teachers’ Retirement System of Louisiana.

A call to an executive at Falcon Investment Advisors for comment was not immediately returned by press time.