A local private equity firm is back in coffer-filling mode.
Markel | Eagle Partners, which gathers pooled investor funds for large real estate developments, is in the midst of raising its fourth fund since 2010.
Dubbed Markel-Eagle Fund IV, the fund has a target of $25 million, according to a May 9 SEC filing. The company already has gathered $6.1 million toward that total, the filing shows.
Principal Ricky Core said he could not comment about the new fund. SEC rules limit how companies can discuss such capital-raising efforts.
The date of the first sale of Fund IV was April 26, according to the filing. The fund requires a minimum of $250,000 per investor. Ten investors had bought in at the time of the filing. It states that the offering is not expected to last more than a year.
Markel | Eagle invests its funds strictly in real estate projects – typically large commercial or residential developments.
Its first fund was a $32.7 million pool closed in late 2010 to invest in and help bail out West Broad Village, which at the time was struggling under the weight of the recession and real estate downturn.
Its Fund II topped out at $53 million in late 2012 and was deployed on projects including the massive GreenGate mixed-use development in Short Pump, residential developments around Henrico County and a large mixed-use venture in Northern Virginia.
A third fund raised $29 million in late 2015 and was put to work partly in a mixed-use project in Chapel Hill, North Carolina.
Markel | Eagle was founded originally as E | Class MB Partners and was part of the Eagle Cos., which included Eagle Construction of Virginia.
In 2010, Henrico-based insurer Markel, through its investment arm, acquired a 50 percent interest in the private equity firm, before acquiring Eagle Construction and its various affiliates.