Anchorage closes debut fund on $187m

Australia’s Anchorage Capital, the Interbank Capital Partners spin-out focusing on special situations, started fundraising in 2008.

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. 

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.