American Securities has raised about $463 million for its third fund focused on distressed investing, according to documents filed with the US Securities and Exchange Commission.
American Securities Opportunities Fund III has a $750 million target and can invest both debt and equity in public or private companies experiencing operating or financial stress, according to the firm’s website. American Securities launched Fund III in February, according to SEC documents. No placement agent is listed as working on behalf of the fund.
Limited partners in Fund III include the Teachers’ Retirement System of Louisiana, which invested in American Securities’ second distressed fund that closed on $753 million in July 2011, according to Private Equity International’s Research and Analytics division. The firm’s first opportunities fund raised $303 million in 2006.
The American Securities Opportunities Fund team is led by managing directors Anthony Grillo, Lawrence First and Daniel Clare. Grillo rejoined the firm in 2005 to establish the opportunities fund after leaving to work as a senior managing director and partner at The Blackstone Group.
American Securities’ sixth flagship buyout fund closed on $3.6 billion in 2012, beating its $3 billion target. The firm has separate investment teams for its buyout and opportunity fund strategies.
American Securities bills itself as one of the oldest private equity firms in existence, tracing its roots to 1947. The firm started out as the family office investing on behalf of Sears, Roebuck and Company and did “bootstrap” investments that eventually came to be known as leveraged buyouts.