Fundraising FoxMerced Capital
Minnetonka
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Sign up to see your fitInvestment thesis
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 Oct 13, 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.