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Merchants Capital Surpasses $1.08 Billion in Tax Credit Equity Raised in 2024

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CARMEL, Ind. (Jan. 28, 2025)Merchants Capital today announced $1.08 billion in fund investments closed across the firm’s multi-investor, proprietary and state credit offerings for the year ended Dec. 31, 2024.

The firm’s capital raise, which has surpassed $2.1 billion since the platform launched in 2021, comprises $900 million in multi-investor offerings, $68.8 million in state credit syndications and $1.1 billion in proprietary fund investments.

In January 2025, the firm closed Merchants Capital Tax Credit Equity Fund 21, LLC, a $131.2 million multi-investor fund with eight bank investors. In September 2024, the firm closed Merchants Capital Tax Credit Equity Fund 19, L.P., its largest ever fund capital raise at $293 million with a large institutional investor.

“Successfully raising $1.08 billion in tax credit equity in one year is a remarkable achievement,” said Julie Sharp, Executive Vice President at Merchants Capital. “In only four years, we have built a $2.1 billion investment portfolio managed on behalf of more than 40 institutional investors that provides capital for the construction and preservation of safe, quality affordable housing for more than 19,000 families in 26 states.”

Julie Sharp

“In only four years, we have built a $2.1 billion investment portfolio managed on behalf of more than 40 institutional investors that provides capital for the construction and preservation of safe, quality affordable housing for more than 19,000 families in 26 states.”

Julie Sharp
EVP, Tax Credit Equity

“Our success is a testament to our team, the support of our investor and developer partners and the innovative platform we have built across all business lines at Merchants Capital,” said Linda Hill, Executive Vice President at Merchants Capital.

Linda Hill

“Our success is a testament to our team, the support of our investor and developer partners and the innovative platform we have built across all business lines at Merchants Capital.”

Linda Hill
EVP, Tax Credit Equity

“It has been extremely rewarding to build out an equity originations platform in a firm that offers industry-leading debt products and balance sheet solutions for affordable housing developers,” said Josh Reed, Executive Vice President of Acquisitions at Merchants Capital. “We are grateful to our developer and investor partners, who make our success possible.”   

Josh Reed

“It has been extremely rewarding to build out an equity originations platform in a firm that offers industry-leading debt products and balance sheet solutions for affordable housing developers.”

Josh Reed
EVP, LIHTC Acquisitions

“Our remarkable production results reflect strongly on the capabilities and investments we have made in our asset, fund and risk management team of professionals who are steadfast in their dedication to our investor and developer partners,” said Chris Messmann, Executive Vice President of Syndications and Tax at Merchants Capital.

Chris Messmann

“Our remarkable production results reflect strongly on the capabilities and investments we have made in our asset, fund and risk management team of professionals who are steadfast in their dedication to our investor and developer partners.”

Christopher Messmann
EVP, Syndications and Tax

To learn more about Merchants Capital and its services, visit www.merchantscapital.com or find Merchants Capital on Facebook, X, LinkedIn and Instagram.

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