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American Securities closes $753m distressed fund

14 Jul 2011

American Securities Opportunities Fund has closed its second fund with more than $753m of committed capital.

American Securities Opportunities Fund’s first vehicle was formed in 2006 with more than $300m in commitments. The funds focus on making investments in public or private companies in distress or trading at distressed levels due to deterioration in operating performance or anticipated liquidity problems.

The American Securities Opportunities Fund team includes Tony Grillo, who rejoined American Securities in 2005 to establish American Securities Opportunities Fund, and previously served as senior managing director and partner of Joseph Littlejohn & Levy, and senior managing director and partner of The Blackstone Group where he co-founded its Restructuring Advisory Group.

Grillo said, “We are pleased that our track record in making investments with prudent risk profiles has resulted in new commitments from investors for Fund II of more than double those in Fund I. We have already deployed over $150m of Fund II capital and are confident that there will be a significant number of investment opportunities over its remaining four year investment period.”

Headquartered in New York with an office in Shanghai, American Securities is a mid-market private equity firm that invests in North American companies with annual revenues generally ranging from $100m to $1bn. In 2008 American Securities closed its fifth private equity fund with a 25-year life and more than $2.3bn. The firm now has approximately $8bn under management.

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