Australia’s Anchorage closes on $261m

The special situations and turnaround-focused firm has closed its second fund less than six months after launch.

Sydney-based Anchorage Capital Partners has made an A$250 million (€204 million; $261 million) final close on its second fund, Anchorage Capital Partners II, according to a firm statement.

The firm was unavailable for comment at press time.

Fund II was launched in November 2012.

Half the fund commitments were from Australian LPs, according to the statement. Institutional investors from Asia, Europe and the US accounted for the other half..

Anchorage will target controlling investments in underperforming Australian, New Zealand and Southeast Asian businesses, with enterprise values between A$50 million and A$250 million, the statement said.

Fund I, with a vintage of 2008, closed on A$200 million in 2010. MVision Private Equity Advisers acted as placement agent for both Fund I and II.

Anchorage Capital Partners was established in 2007 as a continuation of the former Minstar Capital. The firm typically invests in well-established industries that are not involved in high technology.