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Funds
Municipal Capital Appreciation Partners Funds
Summary
Municipal Capital Appreciation Partners I, L.P. (MCAP I), Municipal Capital Appreciation Partners II, L.P. (MCAP II), Municipal Capital Appreciation Partners III, L.P. (MCAP III) and Municipal Capital Appreciation Partners IV, L.P. (MCAP IV) were launched in 1996, 1999, 2003 and 2008, respectively. The MCAP Funds offer investors a unique way to access an unexploited market niche through their high value added investment strategy. MCAP investment returns are largely in the form of long term capital gains and tax-exempt income. Accordingly, Zephyr believes that this investment opportunity may be particularly interesting to high net worth families.
Investment strategy and objectives
MCAP invests in distressed, defaulted and non-rated municipal revenue bonds (and related investments) secured by real estate, such as low-to-moderate income housing, senior housing and retirement facilities, assisted living facilities, healthcare facilities and commercial facilities. MCAP may also purchase real estate that may be refinanced with municipal bonds. MCAP’s strategy targets properties that will benefit from financial restructuring, including facilities that are experiencing financial challenges (such as too much debt) rather than problems in their operations. The Manager’s goal is to enhance significantly the value of MCAP investments by taking a proactive role in achieving financial restructurings.
MCAP seeks control positions in investments to minimize delays in executing its investment strategy. MCAP investments may take the form of debt (e.g., municipal bonds, promissory notes, mortgages), equity (e.g., direct interests in real estate) or a combination of debt and equity. MCAP does not invest in general obligation municipal bonds.
Municipal Capital Appreciation Partners Funds I, II, III, IV are currently closed and no longer accepting subscriptions. Information relating to Municipal Capital Appreciation Partners Funds is provided solely for the purpose of describing Zephyr Management L.P.’s global capabilities.
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