Monarch Partners I, L.P. is the debut opportunity fund of Monarch Group. The fund closed in February 2007 with $142.1 million of total commitments and seeks to realize attractive risk-adjusted returns through the acquisition, entitlement, development, or redevelopment of undervalued land, multifamily, commercial, industrial, and mixed-use assets. The fund invests primarily in the Western United States, with a focus on California, Arizona, and Hawaii. Most investments entail equity of $10 million to $30 million.