Ascribe Capital has closed its first fund since rebranding from American Securities Opportunities Management on $825m.
This latest fund, Ascribe Opportunities Fund IV, closed shy of the $1.04bn the firm pulled in for its third fund in 2014. That raise followed a $303m debut fund from 2007 and a $753m sophomore vehicle from 2010.
New York-based Ascribe usually invests in the securities of distressed businesses and will target secured and unsecured debt, trade claims, bank debt, bonds, and equity investments.
Fund IV will also be used to make direct loans, fund recapitalizations, provide debtor-in-possession loans and exit financings, the firm said.
Ascribe Capital chief investment officer Lawrence First said, “We are pleased to have raised a new pool of capital that will allow us to continue to apply our value-based investment approach in a disciplined manner to generate attractive risk-adjusted returns from debt instruments of middle market companies.”
Ascribe rebranded from American Securities Opportunities Management in 2015 and has around $3bn of assets under management.
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