Meridian PE investor claim
Limited partners and feeder-fund investors in Meridian’s private-equity and private-credit funds, who relied on inflated net asset values, may have a claim.
Meridian PE investor claim
Meridian is alleged to have told its investors their money was worth far more than it was. Across its flagship Fund IV and a private-credit fund, impaired portfolio companies were marked at or above cost, so that capital-account statements reported about 1.6x MOIC when the realizable figure was closer to 1.0x.
An inflated NAV is not a paper problem: it inflated the management fees charged on it and crystallized carried interest before it was earned. When a GP-led review finally marked the portfolio to reality, NAV was restated down 34%, and the investors who had relied on the earlier figures bore the loss.
- Program reference
- WG-US-2026-0462
- Respondents
- Meridian Private Equity Group LP; its GP and principals
- Forum
- U.S. District Court (S.D.N.Y.)
- Basis
- §10(b)/Rule 10b-5; Advisers Act §206
- Period
- Q1 2021 – Q3 2024
- Registration closes
- Mar 31, 2027
- Fee basis
- Contingency — no fee unless recovery
- Funder
- Ardsley Legal Capital LP
Registering commits you to nothing. No fee is payable unless the program recovers damages.
What was reported, and what was realizable
Meridian's own capital-account statements and its later restatement tell two different stories. The claim is the difference.
Fund IV marks
Impaired portfolio companies were marked at or above cost.
Management fees
Fees were taken on a NAV the funds could not realize.
Carried interest
Carry was recognized on gains that had not been realized.
Meridian has not made its investors whole for the fees and carry taken on overstated marks, or for the loss on restatement. The firm's modeling across the registered book puts aggregate claimed losses at approximately $620m.
- Period
- Q1 2021 – Q3 2024
- Reported / realizable
- 1.6x / 1.0x MOIC
- NAV restatement
- 34%
- Source
- Capital-account statements and the restatement
A mark is a representation. Investors paid fees and lost value on marks that could not be realized.
- Basis
- §10(b)/Rule 10b-5; Advisers Act §206
- Also pleaded
- Breach of the LPA; fiduciary duty
- Securities
- Fund interests (direct LP and feeder)
- Mechanism
- Opt-in investor group
- Funding
- Contingency; funded
Interests in a private fund are securities, and the capital-account statements and valuation reports a manager sends its investors are representations they rely on. Where those representations are materially false, they are actionable under §10(b) and Rule 10b-5 and under the Investment Advisers Act, alongside the manager’s duties under the partnership agreement.
The claim is that Meridian’s marks were materially overstated, that it knew or was reckless as to that, and that its investors paid fees and carry on — and then lost value against — a NAV the funds could not realize.
It is an opt-in group of institutional limited partners and feeder-fund investors, brought in the Southern District of New York.
Loss on restatement
The value investors lost when the NAV they relied on was restated to reality.
Fees and carry returned
Management fees and carried interest taken on marks that were overstated.
Costs of the action
Recovery of the costs of the action, as the court allows.
The eligibility test, in full
This is the published class test. The questionnaire on this site applies exactly these criteria and tells you the reason for its answer.
- Meridian principals, employees and affiliates
- Investors only outside the period
- Anyone who has signed a release of these claims
Invested through a feeder fund or fund-of-funds? You can still register — we will help identify your underlying interest.
Everything that has happened, dated
The record is published in full. Registered claimants see the same timeline in the portal, with their own claim marked on it.
The matter on the record
Everything a claimant, funder or journalist needs to check what we say against what we filed.
Case updates
Published whenever the position changes, and emailed to registered claimants the same day.
Registration open to March 31, 2027
A tolling agreement is available to investors who register before March 31, 2027.Valuation analysis complete
Independent analysis of the fund marks against realizable value supports the pleaded overstatement.Investor register opens
Institutional LPs and feeder-fund investors can now register their interests.This matter, answered
The questions claimants ask most often about this matter.
I invested through a feeder fund. Am I eligible?
Yes. Feeder-fund and fund-of-funds investors are eligible alongside direct limited partners. We will help identify your underlying interest in the Meridian fund.
The fund is still running. Is there still a claim?
Yes. The claim is for fees and carry taken on overstated marks and for the loss when NAV was restated — it does not depend on the fund being wound up.
How much will I receive?
There is no settlement yet, so no honest figure exists. The firm’s modeling puts aggregate claimed losses at about $620m across the book; your share depends on your interest and is set out before you sign.
What does it cost me?
Nothing unless the claim recovers. The firm acts on a contingency basis with third-party funding, and every deduction is set out in the claimant agreement before you sign.
Four minutes now, and nothing else until we ask
Check your eligibility, register your claim, and we will do the rest. Registration closes on March 31, 2027.