American Securities hits $1bn hard cap for latest distressed fund


funddPrivate equity firm American Securities has hit the $1bn hard cap for its third distressed private equity fund, making it nearly 40 per cent larger than its previous vehicle.

American Securities Opportunities Fund III was backed by asset managers, insurance companies, pension funds and sovereign wealth funds.

The firm is focused on providing loans and making equity and non-equity investments in stressed companies, fund recapitalizations, provide debtor-in-possession loans and exit financings, and invest in securities in order to fund both in-court and out-of-court restructuring plans.

Last November AltAssets revealed that the fund was nearing its $750m target. In June 2012, American Securities closed its sixth buyout fund on $3.64bn, beatings its $3bn target.

American Securities CEO Michael Fisch said, “Larry First, Tony Grillo, and the other members of the American Securities Opportunities Fund team have been strong generators of attractive returns historically and we are enthusiastic about their ability to continue this success on behalf of investors in American Securities Opportunities Fund III.”

Meanwhile, American Securities is reportedly planning to merge three of its vehicle part making businesses ahead of an IPO for the combined company which could value it at $4bn.

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