Ocean Avenue Hard Caps Another Fund

Ocean Avenue Capital Partners has held an oversubscribed, hard cap, and final closing of the firm’s fifth fund, Ocean Avenue Fund V LP, with $600 million in capital commitments.

Limited partners in the new fund include endowments and foundations, corporate and public pension plans, insurance companies and family offices across the United States, Europe, Asia, and South America.

“We are grateful for the broad support we received from our existing investor base, and excited to be adding a roster of highly experienced institutional investors in Fund V, especially in what has been a challenging fundraising environment for private equity fund managers,” said Jeff Ennis, a co-founder and partner at Ocean Avenue.

Ocean Avenue invests from $15 million to $25 million of control and minority equity in North American-based companies that have from $3 million to $15 million of EBITDA and also invests in special situations and distressed opportunities. The firm typically partners with independent sponsors but also co-invests alongside fund sponsors. Since its founding in 2011, Ocean Avenue has invested in over 130 lower middle market companies across multiple industries and verticals. The firm’s earlier fund, Ocean Avenue Fund IV LP, closed at its $350 million hard cap in August 2020.

“We believe that our unique approach to investing in the very low end of the middle market, which capitalizes on changing trends in the industry, resonated with limited partners in an otherwise very crowded market,” said Duran Curis, a co-founder and partner at Ocean Avenue.

Santa Monica, California-based Ocean Avenue is led by its four partners – Jeff Ennis, Duran Curis, Jacques Youssefmi, and Pete Notz. With the close of Fund V, Ocean Avenue now has approximately $1.9 billion in assets under management.

Kirkland & Ellis provided legal services to Ocean Avenue on the Fund V fundraise.

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