Probitas Partners Advises Benson Elliot in Closing Debut Fund.SAN FRANCISCO San Francisco (săn frănsĭs`kō), city (1990 pop. 723,959), coextensive with San Francisco co., W Calif., on the tip of a peninsula between the Pacific Ocean and San Francisco Bay, which are connected by the strait known as the Golden -- London-based Benson Elliot Capital Management ("BECM BECM British Empire and Commonwealth Museum (UK) BECM Behavioral Electronic Component Model ") held a final close on EUR EUR In currencies, this is the abbreviation for the Euro. Notes: The currency market, also known as the Foreign Exchange market, is the largest financial market in the world, with a daily average volume of over US $1 trillion. 335 million for its inaugural lower middle market Pan-European private equity real estate fund, Benson Elliot Real Estate Partners II, L.P., (the "Fund"). The initial target for the Fund was EUR 300 million. BECM, formed in late 2005 by Marc Mogull, engaged Probitas Partners, a global alternative investment services and fund placement firm, as his exclusive financial advisor for the formation of the Fund and its institutional placement. "The Fund represents the best of a new generation of teams being formed by successful general partners who, like Marc, have an array of career choices but who chose to create independent firms with outstanding teams and a long-term commitment to their investors," added Michael Hoffmann, President and co-founder of Probitas Partners. "We are thrilled to have partnered with Marc and his team on building this exciting new franchise." Marketing and fundraising efforts were launched in April of 2006, and the Fund quickly closed on over EUR 200 million in just six weeks. Following the additions of senior professionals, the Fund gained broader interest from the institutional investment community and had its final closing in August of 2006 with total commitments of EUR 335 million, well above the EUR 300 million target. The Fund has twenty institutional investors Institutional Investor A non-bank person or organization that trades securities in large enough share quantities or dollar amounts that they qualify for preferential treatment and lower commissions. , from Europe, North America North America, third largest continent (1990 est. pop. 365,000,000), c.9,400,000 sq mi (24,346,000 sq km), the northern of the two continents of the Western Hemisphere. , and the Middle East. The group includes corporate pension funds, foundations, endowments, family offices and fund of funds Fund of Funds A mutual fund that invests in other mutual funds. Notes: For example, an investor would select a general risk profile and the fund-of-funds manager would pick underlying investments from a range of products managed by external managers. . BECM, as an independent platform, is committed to continue the investment approach established and employed by Mr. Mogull over the past twenty years TWENTY YEARS. The lapse of twenty years raises a presumption of certain facts, and after such a time, the party against whom the presumption has been raised, will be required to prove a negative to establish his rights. 2. in Europe. The Fund will make investments in real estate assets across Europe that offer the potential for superior risk-adjusted returns through active and innovative investment management. The Fund will acquire completed properties, as well as funding development, primarily in the UK, Germany, Scandinavia, Italy, France and Central Europe Central Europe is the region lying between the variously and vaguely defined areas of Eastern and Western Europe. In addition, Northern, Southern and Southeastern Europe may variously delimit or overlap into Central Europe. . Mr. Mogull has attracted top talent with a shared vision for investing and firm structure, along with the support of a core group of institutional investors. Mr. Mogull commented on the recent closing, "I'm excited by the prospect of establishing my own business and replicating previous success with this new Fund. With the support of our cornerstone investors, and what I believe is the best professional team in the business, we can create the leading mid-market private equity real estate platform in Europe. This firm and Fund reflect our vision of how the real estate private equity industry needs to evolve to meet future challenges -- management owned, sensibly sized, and with the interests of the Fund's investors, the firm and the team aligned." BECM is authorized and regulated by the UK Financial Services Authority The Financial Services Authority ("FSA") is an independent non-departmental public body and quasi-judicial body that regulates the financial services industry in the United Kingdom. Its main office is based in Canary Wharf, London, with another office in Edinburgh. in the conduct of its investment business. About Probitas Partners Probitas Partners, founded in 2001, is an employee-owned, independent provider of alternative investment solutions, headquartered in San Francisco with offices in New York New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of and London (Probitas Partners is represented in the United Kingdom by PFG-UK Ltd., which is authorized and regulated by the Financial Services Authority). Its integrated global practice includes placement of private equity funds, portfolio management and liquidity management. For more information please visit www.probitaspartners.com or call (415) 402-0700. |
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