Full Circle Capital Corporation has announced the formation of FC Capital Investment Partners ("FCIP").
FCIP is a multiple series private fund for which Full Circle Capital will serve as the managing member and investment adviser. The investment objectives and investment terms of each particular series may vary. Each particular series will primarily be funded through capital commitments by third party accredited or institutional investors.
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Full Circle Capital expects to receive certain fees or other distributions from FCIP in connection with the services it provides to each series FCIP may issue.
Full Circle Capital intends to co-invest in certain transactions with FCIP where Full Circle Capital determines that the aggregate available investment opportunity exceeds what it believes would be appropriate for Full Circle Capital to acquire directly. Additionally, FCIP may invest in opportunities that fall outside of the investment mandate of Full Circle Capital.
"We believe the formation of FCIP will provide Full Circle Capital with several benefits. Most importantly, we anticipate that FCIP will provide capital resources that will enable Full Circle Capital to lead and control larger transactions in conjunction with FCIP, thereby expanding our addressable market and enhancing Full Circle Capital’s competitive position," said Gregg J. Felton, President and Co-Chief Executive Officer.
"We believe that the investment management fees earned through these vehicles will also provide Full Circle Capital with an additional stable source of incremental revenue and income."
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By GlobalDataFull Circle Capital closed its first series of FCIP on June 17, 2014, raising approximately $5.6 million of capital. These funds were co-invested with Full Circle Capital in an asset in which the investment opportunity exceeded Full Circle Capital’s ability to invest relative to its current balance sheet concentration limits.
