EL SEGUNDO, CA-Real estate finance and investment firm PCCP LLC has closed on its acquisition of the general partnership interests in two Lehman Bros. private equity funds holding mezzanine debt on $2 billion of assets. PCCP founding partner Bill Lindsay tells GlobeSt.com that the firm closed Monday on the deal, terms of which were undisclosed, which gives PCCP control of the general partnership interests of funds that hold mezzanine debt on 46 assets comprising hundreds of properties. The properties, in all commercial real estate asset classes, are mainly in the US but include several hundred million dollars’ worth of assets in Europe.

PCCP, which operates from offices in El Segundo, San Francisco and Sacramento, will open a New York office and plans to retain the funds’ current management team in that office. Lindsay explains that a number of factors made the deal appealing to PCCP.

First, the company has a long history in workouts and feels that it can add value to the efforts to preserve the capital that has been invested in the funds. In addition, “This transaction will allow us to create new relationships with investors that we did not have in the past,” Lindsay says. Third, the deal “allows us to expand to a national footprint,” Lindsay says, adding that PCCP is taking on “a very capable team” that is already in place in the New York office.

PCCP, which began as Pacific Coast Capital Partners in 1998, initially did 100% of its deals in California but later changed its name to PCCP to reflect its broader geographic reach when it expanded into other western states. Lindsay says that before the Lehman funds opportunity came along, PCCP had already considered whether it needed to expand to a national platform in order to be effective in today’s dislocated markets. When the Lehman deal became available, he says, it was “strategic but also serendipitous.”

Lindsay describes the Lehman deal as “a big team effort” involving the company’s L.A. and San Francisco offices, including three other PCCP founding partners, Nicholas Colonna, Donald Kuemmeler and Aaron Giovara. He adds that PCCP is looking for more such opportunities. “We are actively looking for situations where general partnerships of funds are going to be transferred into new hands or are looking for a stable platform to join,” the PCCP partner says.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?


© 2023 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.


GlobeSt Net Lease Spring 2024Event

This conference brings together the industry's most influential & knowledgeable real estate executives from the net lease sector.

Get More Information

GlobeSt Net Lease Spring 2024Event

This conference brings together the industry's most influential & knowledgeable real estate executives from the net lease sector.

Get More Information


Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2023 ALM Global, LLC. All Rights Reserved.