The debt shop PCCP is eyeing the acquisition of more debt funds as a means of growing the platform after taking over Lehman Brothers’ two mezzanine vehicles.
The Los Angeles-based firm told the February issue of PERE magazine it had been in discussions to acquire or partially acquire other existing groups' funds as it expands its presence from a predominately West coast-focus to one with a national footprint.
Partners William Lindsay and Greg Eberhardt declined to name names but said the strategy was a means of growing “assets under management in reverse”.
In December, PCCP acquired Lehman Brothers two mezzanine funds – Lehman Brothers Real Estate Mezzanine Partners I and II, which closed on $1.1 billion of commitments in 2005 and $668 million in 2008 respectively – for an undisclosed sum. The funds have since been renamed PCCP Mezzanine Recovery Partners I and II.
The deal saw PCCP take over the funds’ 10-strong staff, led by Yon Cho in New York. The full article appears in the February issue of PERE.