Merchants Capital Surpasses $1.4B in Equity Raised Since Inception, with Back-to-Back Closings of $160M Multi-investor Fund and $270M in Proprietary Funds

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CARMEL, Ind. (Jan. 19, 2024) – Merchants Capital today announced large capital raises, including $506.7 million in fund investments closed across the firm’s multi-investor, proprietary and state credit offerings for the year ended Dec. 31, 2023. The firm raised an additional $365 million in tax credit equity in January 2024.

The firm’s capital raise, which has surpassed $1.4 billion since the platform launched in 2021, comprises $725 million in multi-investor offerings, $26 million in state credit syndications and $664 million in proprietary fund investments.

In December 2023, the firm closed Merchants Capital Tax Credit Equity Fund 16, LLC, a $160 million multi-investor fund with 12 bank investors, including three new investors. In January 2024, the firm closed Merchants Capital Tax Credit Equity Fund 14, L.P., its largest ever fund capital raise at $263 million with a large institutional investor.

“Successfully raising $1.4 billion in tax credit equity since launching our platform three years ago is a remarkable achievement—it sets Merchants Capital apart from other new entrants in the tax credit equity syndication space,” said Julie Sharp, Executive Vice President at Merchants Capital.

Julie Sharp Headshot

“Successfully raising $1.4 billion in tax credit equity since launching our platform three years ago is a remarkable achievement—it sets Merchants Capital apart from other new entrants in the tax credit equity syndication space.”

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 Heashot

“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

The announcement of record-breaking results in the tax credit equity division follows Merchants Capital’s recognition by Affordable Housing Finance as the #2 largest lender for affordable housing in the United States.

“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 Headshot

“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

Merchants Capital’s asset management portfolio includes tax credit equity investments in more than 13,000 affordable homes in 23 states.

“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.

Christopher 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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