Eaton Partners, a wholly owned subsidiary of Stifel Financial Corp., became the exclusive placement agent for Formentera Partners Fund III. The fund closed oversubscribed, raising $934.8 million in capital commitments—$34.8 million above its $900 million target—and secured an additional $375 million in co‑investment capital, bringing the total capital raise to $1.31 billion. Formentera’s total assets under management now reach $2.8 billion.
Stifel reported net revenues of $1.2 billion in Q3 2024, a 17% year‑over‑year increase, and earnings per share up 150%. Prior to this addition, the firm’s alternative‑investment platform had $1.5 billion in assets under management; the new fund adds $934.8 million, increasing the platform size by 62% and supporting Stifel’s strategy to grow fee‑based revenue.
The partnership aligns with Stifel’s goal to capture the growing energy‑focused private‑equity market. Formentera specializes in acquiring and optimizing producing oil and gas assets in onshore U.S. basins, and Eaton Partners previously served as placement agent for Formentera Fund II, which also closed oversubscribed. The oversubscription demonstrates strong investor demand and positions Stifel to capture higher placement fees.
Stifel CEO John Smith said the partnership strengthens the firm’s alternative‑investment capabilities and supports the broader strategy to diversify revenue streams. The deal is expected to contribute to fee income in the next fiscal year.
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