Legacy Capital Partners raises $47 million

By STAN BULLARD11:57 am, February 26, 2008

Legacy Capital Partners in Lyndhurst has raised $47 million to close its second private equity fund for real estate investments.

Legacy Capital, formed by investment banker David St. Pierre and shopping center developer Mitchell Schneider, raised $44 million for its first fund in 2004. It has invested that money in 10 real estate developments, from student rental apartments to mixed-use projects.

The new fund, Legacy II, already has decided to invest in development of a senior housing project in Boulder, Colo., and in the acquisition of an office portfolio in Northeast Ohio. However, Legacy Capital did not disclose more details about those projects in a news release announcing the closing of the fund.

Legacy Capital describes its investors as high net-worth individuals who want to make long-term investment in real estate projects prior to development, as opposed to shorter-term investments in existing income-producing properties.

The fund takes its name from its offices at the Legacy Village lifestyle center, which First Interstate Properties Ltd., a fund founded by Mr. Schneider, developed.