Firm: Maranon Capital
Fund: Maranon Mezzanine Fund LP
Target: $250 million
Amount Raised To Date: $170 million
Placement Agent: Mallory Capital Group
As of mid-November,
The Chicago lender, which boasts a deep bench of ex-
Recent commitments to the new mezzanine fund include a $30 million slug from the
Counting verbal commitments (expressions of interest from limited partners that have not yet made formal pledges), the fund has just under $200 million in the hopper.
“Not too shabby in today’s tight market for a spin-out fund,” said the source.
Four of Maranon Capital’s five managing directors hail from Bethesda, Md.-based business development company American Capital. These include Tom Gregory, who served at the Nasdaq-listed firm from January 2002 through June 2006; Demian Kircher (October 2002 through July 2007); Ian Larkin (April 2003 through June 2006); and Greg Long (May 2004 to November 2007).
Maranon Capital’s list of offerings includes revolving lines of credit up to $20 million; first and second lien term loans between $10 million and $60 million; mezzanine debt in the $5 million to $30 million range; and equity co-investments of up to $10 million.
The has been raising its inaugural mezzanine pool for about 18 months, and it’s expected that about 25 percent of the vehicle’s capital will already be deployed by the fund’s anticipated December close, the source said.
At press time, Maranon Capital had already closed two deals, and the firm has two more signed up. Most recently, the firm provided a $42 million one-stop debt and equity package ($28 million of senior revolving credit and term debt, $10 million of mezzanine financing and $4 million of equity) to Canadian private equity shop