Alternative investment firm EBF & Associates LP has closed an $800 million fund.

The fund, Merced Partners IV LP, had an initial target of $750 million. It will invest in financial instruments and hard assets, according to the firm.

Limited partners include endowments, foundations, state and corporate pension plans and family offices.

The fund plans to make investments between $10 million and $100 million.

The previous fund, Merced Partners III LP, closed in December 2010 with $567 million. Since 2005, Minnetonka, Minn.-based EBF has raised six funds with about $2.4 billion in commitments.

EBF was founded in 1988 as the first spinout from Cargill’s financial markets department.

O’Melveny & Myers LLP provided legal counsel to EBF. 

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