A differentiated approach to alternative assets
West Broad Village, Glen Allen VA
An example of P|MB's differentiated approach to undervalued alternative assets was its role in the creation of Markel|Eagle Partners LLC. In the face of the opportunities created by the 2008-9 financial crisis, P|MB originated the idea of a dedicated fund with a differentiated investment thesis.
To create Markel|Eagle Partners LLC and affiliates, P|MB partnered with Markel Corporation and Eagle of VA to create a group of portfolio companies to rationalize troubled real estate assets on behalf of lenders, owners or Markel|Eagle Partners itself in the case of investment in or acquisition of assets.
P|MB led the development of the investment thesis for the fund, and Mr. Manoogian served as President. The Fund's target was to generate equity level returns while making efficient, more risk averse investments higher in the property capital structure, including participating senior debt, mezzanine debt and/or preferred equity investments together with operational control of the asset resolution process.
Fund aggregate returns were a 3.2 multiple of invested funds and a 22.85% IRR. Markel Ventures, the investment arm of Markel Corp, a publicly traded insurance firm, acquired Markel|Eagle Partners and subsequently Eagle of VA and related real estate services companies.