ROWAYTON, Conn., Oct. 23, 2018 (GLOBE NEWSWIRE) — Eaton Partners, one of the world’s leading private capital advisory and fund placement firms and a wholly owned subsidiary of Stifel Financial Corp. (NYSE: SF), is pleased to have acted as the exclusive placement agent for FJ Capital Management’s Financial Hybrid Opportunity Strategy.
The strategy, which raised $145 million in capital commitments for the Financial Hybrid Opportunity Fund LLC and a related separately managed account, invests in 27 micro-cap and private community banks, many of which have been underwritten to achieve target internal rate of returns (IRRs) of 25% or greater. Approximately $82 million (57%) of the commitments have been called and invested. FJ Capital Management received strong support from a diverse range of institutional investors including a major foundation, endowments and multiple family offices.
“The new capital allows us to invest in open market opportunities, as well as private capital raises, that have already been underwritten and approved for investment. As consolidation continues across the banking industry, we believe many of these positions are strong candidates for M&A transactions,” said Martin Friedman, Co-Founder and Chief Investment Officer at FJ Capital Management.
FJ Capital Management’s Investment Team also plans to use its capital to invest in a de novo bank headquartered in New York City that focuses on banking technology and other innovation industries. In addition, the team will invest in a mortgage company that is raising private capital to buy a bank with a similar mortgage-oriented focus.
“The team at FJ Capital Management has a focused plan to take advantage of underserved opportunities in the community banking space,” said Tom Kreitler, Partner at Eaton Partners. “We are thrilled to partner with them and congratulate them on another successful raise.”
Over the past 12 months, Eaton Partners has successfully closed 15 funds, totaling $15.5 billion.
About Eaton Partners
Eaton Partners, a Stifel Company, is one of the world’s leading fund advisory and capital placement agents, having raised more than $95 billion across more than 120 highly differentiated alternative investment funds and offerings. Founded in 1983, Eaton advises and raises institutional capital for investment managers across alternative strategies – private equity, private credit, real assets, real estate, and hedge funds/public market – in both the primary and secondary markets. Eaton Partners maintains offices and operates throughout North America, Europe and Asia.
