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ABRY seeks at least $1bn for new senior debt fund

19 Feb 2014

dollar envelope moneyPrivate equity firm ABRY Partners is reportedly seeking at least $1bn for its third senior debt vehicle.

The fund was launched sometime in January, said PeHUB, citing people with knowledge of the firm.

ABRY’s new fund follows its Advanced Securities Fund II, which was closed with commitments of $1.2bn in 2011, three years after the firm raised $700m for its first senior debt vehicle.

The firm’s debt funds provide senior debt capital to media, communications, business, and information services companies

These investments are usually first and second lien bank debt securities purchased in the primary or secondary market.

ABRY has said that it often makes investments in the senior debt offerings of its portfolio companies.

In the meantime, ABRY has been targeting close to $1bn for its latest mezzanine debt vehicle.

The Illinois Municipal Retirement Fund has already agreed to commit $25m to the fund, according to regulatory filings.

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