The first fund of Mount Elbert Capital Partners, a real-assets private equity firm focused on internet infrastructure, amassed equity commitments of $382 million at its final close, ahead of its $290 million initial target.
The oversubscribed Mount Elbert Capital Partners Fund 1 saw commitments from global investors, including pension funds, endowments and family offices.
As at Dec. 31, 2018, Mount Elbert had invested 22% of the fund — alongside Singaporean sovereign wealth fund GIC and private equity and venture capital firm OPTrust — in EdgeCore Internet Real Estate LLC, an investment vehicle developing, acquiring and operating data centers and related infrastructure.
EdgeCore was initially capitalized with over $900 million of equity earmarked to support approximately $2.0 billion of data center developments.
Jefferies LLC was tapped to be the exclusive global placement agent and financial adviser to Mount Elbert for the fundraising.