Minneapolis alternative investor, EBF & Associates, has raised $567 million for its latest fund. The Merced Partners III fund, which is a six-year lock-up vehicle, will target medium-size opportunities, generally ranging from $10-50 million. The fund has received investments from endowments, foundations, state and corporate pension plans, family offices as well as general partners. EBF, which currently manages $1.8 billion in capital, closed its Merced Partners II fund in 2007 at $474 million.

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