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Black Diamond eyes $1bn for fourth distressed private equity vehicle

12 Aug 2014

black diamondUS alternative assets major Black Diamond Capital Management is reportedly eyeing up to $1bn for its fourth vehicle targeting distressed private equity deals.

BDCM recently won an extension for its $800m Opportunity Fund III according to Dow Jones, which cited investors and other people familiar with the matter.

It said the firm began to speak to potential investors late last year about Fund IV, which it hopes will outstrip the $800m it gathered for its predecessor vehicle in 2011.

BDCM bagged $982m for its second fund in 2007, easily beating its initial $750m target. It currently has more than $8bn of assets under management across distressed private equity, hedge fund, mezzanine and CLO and other structured funds.

Those funds were run under a strategy of gaining control of mid-market companies through purchasing and restructuring debt securities.

Last month Z Capital, which was launched by former Black Diamond exec James Zenni and six of its associates, collected a target-busting $750m for its second turnaround fund.

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