Lease Equity Appreciation Fund II, under the aegis of LEAF Asset Management, has filed with the Securities and Exchange Commission to raise up to $60 million via the sale of limited partnership interests.
The fund plans to use the proceeds to buy equipment for the purpose of leasing, as well as to acquire existing equipment portfolios subject to leases from other lessors. Lease Equity plans to focus on essential equipment for general office use, medical equipment, energy and climate control systems, and industrial equipment.
In the SEC filing, the firm said that roughly 67% of its acquisitions could be financed through securitizations. LEAF has assembled a capable team, if it does indeed hit the term ABS market. The two principles, Crit DeMent and Miles Herman, are formerly of Fidelity Leasing, which was bought by a subsidiary of ABN AMRO in 2000. Matthew Goldenberg, vice president of finance and treasurer at LEAF, served as a director of structured finance at the now defunct DVI financial Services for five years before joining LEAF in October of last year. While there, he was responsible for the company's domestic equipment-backed securitizations and commercial paper conduits.