Municipal Capital Appreciation Partners (MCAP)
The MCAP Funds seek to achieve high absolute returns in the form of long-term capital gains and tax-exempt income by taking a proactive role in financial restructurings and implementing property improvements. The Funds’ acquisition of municipal bonds, tax credits and the use of tax efficient investment strategies mitigate investment risk, as does the Funds’ reliance on financial restructuring to achieve investment gains.
Since its inception in 1996, the MCAP Funds have made investments over $860 million in senior living communities, multifamily properties, affordable housing and tax credit related investments. The MCAP Funds currently have assets under management of $560 million.
|Municipal Capital Appreciation Partners I, L.P. (MCAP I) was launched in 1996 and made investments in real estate which can be refinanced with municipal bonds and defaulted municipal bonds. MCAP I implemented safeguards to facilitate the execution of its investment strategy by providing strong incentives for timely completion of agreed upon responsibilities. The Fund is fully liquidated.|
|Municipal Capital Appreciation Partners II, L.P. (MCAP II) was launched in 1999 and made investments in distressed, defaulted and non-rated municipal revenue bonds secured by real estate, low-to-moderate income housing, senior independent housing and senior living communities, and direct investments in real estate.|
|Municipal Capital Appreciation Partners II, L.P. (VA) (MCAP II Virginia) was formed in 2007 by the spin-off of the ownership, and the management of, senior living communities from MCAP II. MCAP II Virginia provided an exit opportunity for MCAP II investors.|
|Municipal Capital Appreciation Partners III, L.P. (MCAP III) was launched in 2003 and made investments in multifamily real estate, senior living communities and municipal bonds.|
|Municipal Capital Appreciation Partners III (VA), L.P. (MCAP III Virginia) was formed in 2012 by the spin-off of the ownership, and the management of, senior living communities and a related senior apartment complex from MCAP III. MCAP III Virginia provided an exit opportunity for MCAP III investors.|
|Municipal Capital Appreciation Partners IV, L.P. (MCAP IV) was launched in 2008 and made investments in tax credit investments, senior living communities and a senior subsidized independent housing property.|
|MCAP IV Holding, L.P. (MCAP IV Holding) was formed in 2015 by the spin-off of the ownership, and the management of, senior living communities from MCAP IV.|
|Municipal Capital Appreciation Partners V, L.P. (MCAP V) was launched in 2013 and has made investments in senior living communities.|
|Municipal Capital Appreciation Partners VI, L.P. (MCAP VI) was launched in 2017 and is targeting investments in senior living communities and tax credit properties.|