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Z Capital eyes imminent hard cap close for $750m Fund II

25 Mar 2014

dollars roll_sqSpecial situations private equity firm Z Capital Partners is reportedly preparing an imminent final close for its second fund on its $750m hard cap.

Z Capital Special Situations Fund II has picked up support from about 30 new LPs according to Dow Jones, which said $40m had come from the New Mexico Educational Retirement Board last July.

The Chicago-based firm, which was set up by Black Diamond Capital co-founder James Zenni, hoped to gather $500m for the fund when it was launched in December 2012.

The firm had pulled in more than $600m of commitments at the start of this year according to an earlier report from peHub, which cited two people with knowledge of the situation.

AltAssets revealed in August 2012 that the firm had hired Jefferies to place the fund, which followed the final close of its debut vehicle on $250m in June the previous year.

The vehicle will continue its predecessor’s strategy of investing in distressed debt, operational turnarounds and special situation opportunities in the mid-market across industries that in the past have included consumer, steel, agricultural, gaming, leisure and automotive.

Z Capital was founded in 2006 after Zenni left Black Diamond with six of its associates.

The firm has made a number of high-profile investments to date, including casino operator Affinity Gaming and former Sun Capital portfolio business Real Mex Restaurants.

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