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Fidelity Partners Adds to CAP IV Investors

SAN FRANCISCO-With a recent commitment from members of Keiretsu Forum, Fidelity Partners has raised $20 million in private equity for its latest fund, which like the others buys troubled municipal bonds collateralized by real estate.

By Brian K. Miller | Updated on August 15, 2005

SAN FRANCISCO-Locally headquartered Fidelity Partners’ equity raise for its latest fund hit $20 million recently when the East Bay members of one of the nation’s largest angel investor networks, Keiretsu Forum, decided to invest. The investors plunked down a combined $2.6 million.

Like its other funds, Fidelity Partners CAP IV Fund buys troubled municipal bonds (at a discount to face value) that are collateralized by real estate. The firm then works to restructure the debt, make renovations and improve the underlying operations of the properties.

Fidelity Partners’ latest fund will leverage its acquisitions up to approximately $75 million worth of real estate. Its first acquisition, which recently closed, was tax-exempt bonds collateralized by a 180-unit apartment community in Ridgeland, MS. Two other acquisitions are pending in Tennessee and Florida.

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