Sydney-headquartered turnaround specialist Anchorage Capital Partners has raised A$200 million (€137million; $187 million) for the final close of Anchorage Capital Partners I, its maiden fund. According to a statement from the firm, the fund was oversubscribed.
Anchorage Capital Partners I received commitments from global institutional investors, asset managers, public pension plans and funds of funds in Australia and the US, the firm said in its statement. It held a first close on A$100 million in 2008.
MVision Private Equity Advisers was the placement agent to the fund.
The fund has made four investments so far, of which it has exited one. In January earlier this year, it invested A$7.3 million in Australian Stock Exchange-listed Bisalloy Steel Group. In September 2009, Anchorage acquired all of the New Zealand operations of hamburger restaurant Burger King from its two local owners for an undisclosed sum.
Australia-focused Anchorage seeks control investments in underperforming companies with enterprise values between A$50 million and A$250 million. The fund’s maiden deal came by way of a September 2008 investment in Hans Continental Smallgoods, a producer of processed meats headquartered in Brisbane, from Japan Tobacco for an undisclosed sum.
Anchorage Capital exited its A$35.5 million investment in canned food producer Golden Circle in December 2008, generating a gross IRR of 129 percent and a 2.5 times cash multiple.
MVision Private Equity Advisers was the placement agent to the fund.
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