Terra Foundation makes first mezzanine debt pledge

Terra Foundation for American Art, Chicago, committed $12 million to Energy Capital Partners Mezzanine Opportunities Fund, confirmed Donald Ratner, the foundation's executive vice president and CFO.

It is the $240 million foundation's first commitment to mezzanine debt. It previously committed $10 million to Energy Capital's Infrastructure Fund I, Mr. Ratner said.

“We had a good experience with (Energy Capital Partners) and felt it was a good opportunity for returns and diversification,” Mr. Ratner said in a telephone interview.

Marquette Associates assisted.