SSG closes fourth fund on $325 million – exclusive

The oversubscribed credit fund was initially targeting $300 million.  

Hong Kong-based SSG Capital Management has reached a final close for its fourth fund on $325 million.

Private Equity International understands that the Asian credit and special situations specialist closed the fund in late September, after initially targeting a $300 million close.

The firm's first three funds all followed a special situations strategy. According to sources familiar with the matter, the fourth has a different strategy, focusing on higher grade secured private lending rather than on distressed debt. 

It will look to target high quality, asset-rich corporates and is understood to be targeting a gross return of 15 percent.

The firm is believed to have not actively marketed the fund but raised discretely through predominantly Asia-based existing limited partners. 

SSG Capital Management’s three partners are all former colleagues at Lehman Brothers’ Asia Special Situations Group in Hong Kong.  Managing partner and CIO Edwin Wong, who founded that group, works alongside long-time colleagues Andreas Vourloumis and Shyam Maheshwari.

The latter pair are believed to be co-managing the new vehicle.

The group now has almost $2 billion in assets under management. Its flagship fund, the $950 million SSG Capital Partners III, closed in May 2014.

In March 2015 the firm won PEI’s 2014 Distressed/Special Situations Firm of the Year Asia award, as well as two other awards from sister publication Private Debt Investor. These were Distressed Debt Investor of the Year Asia, and Fundraising of the year Asia.