Merced Capital
Minnetonka
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Merced Capital pursues market dislocations and overlooked investment situations, applying strategic principles developed over decades of experience. The firm emphasizes aligning incentives to build mutually beneficial relationships, maintaining a long-term perspective, and acting with patience and conviction while prioritizing the avoidance of permanent capital loss.
Source: firm website, verified Aug 18, 2026.
HQ
Minnetonka, US
Founded
1988
AUM
$251.2M
Fund performance · per public LP disclosures · 3
as of Dec 2025| Fund | Vintage | Committed | Net IRR | TVPI | DPI |
|---|---|---|---|---|---|
| Merced Partners VLPs: Minnesota State Board of Investment | 2017 | — | 8.2% | 1.62x | 1.44x |
| Merced Partners IVLPs: Minnesota State Board of Investment, John D. and Catherine T. MacArthur Foundation | 2013 | — | 2.3% | 1.12x | 1.09x |
| Merced Partners IIILPs: Minnesota State Board of Investment | 2010 | — | 5.5% | 1.30x | 1.29x |
Source: public limited-partner disclosures (CalPERS, CalSTRS). Net IRR / TVPI / DPI as reported by the limited partner; a fund's early-year IRR is an interim estimate (J-curve).
Frequently asked questions
- Where is Merced Capital located?
- Merced Capital is headquartered in Minnetonka, US.