Global private equity and venture capital news and research

LA-based Avante closes $218m mezz fund

11 Nov 2011

Avante Mezzanine Partners, a women-owned lower middle market-focused mezzanine firm, has held a final closing of its first fund above its target on $218m (including SBA leverage).

“We are grateful for the strong support of our investors and their belief in our team and strategy. We have an impressive group of limited partners, including large institutional investors, regional and national banks and prominent family offices,” said Jeri Harman, founder and partner of Avante Mezzanine Partners.

Avante is headquartered in Los Angeles, with another office in Boston.

Avante Mezzanine Partners’ first fund will target investments of between $5m and $20m of subordinated debt and minority equity in companies across the US that generate at least $3m in cash flow.

Avante works with private equity and independent sponsors in buy-out transactions, as well with entrepreneurs and owners to finance recapitalisations, refinancings, acquisitions and growth.

As a women-owned fund, Avante Mezzanine Partners said one of its areas of interest, although not exclusive focus, is providing capital to women- and minority-owned companies.

To date, the new fund has already completed two transactions, providing mezzanine debt to SunBriteTV and mezzanine debt and equity co-investment to Nobles Manufacturing.

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