Fundamental Advisors, an alternative asset manager focused on special situations in municipal market and public purpose assets, has held the final close of its third private equity fund, Fundamental Partners III, with USD993 million in capital commitments.
Fundamental exceeded its target for Fund III.
A majority of Fundamental’s existing investors committed to the fund, alongside a diverse group of new investors including state and corporate pensions, foundations, financial institutions, and ultra-high net worth platforms.
Consistent with prior funds, Fundamental will invest Fund III in municipal and public purpose assets that are critical to the community, including affordable and student housing, senior care, infrastructure, alternative energy and hospitality.
Fundamental has committed approximately USD1.7 billion across more than 100 transactions since 2007.
“As private capital takes on an increasingly crucial role in developing, revitalising, and sustaining critical community assets, the differentiated approach that we pioneered over a decade ago is more vital than ever,” says Laurence L Gottlieb, chairman and CEO of Fundamental Advisors. “Having invested in community assets and essential services for most of my career, the opportunities in today’s market are increasingly compelling. Successfully closing Fund III allows our team to continue to execute on our objectives of investing in assets where we drive meaningful value for both our investors and the surrounding community. We are most grateful for the support from our new and existing limited partners.”
