Versa collects $251m for Fund III

The Philadelphia-based firm received a commitment of up to $150m from Pennsylvania Public School Employees’ Retirement System last year. 

Versa Capital Management has collected $251 million for its third flagship fund, a market source told Private Debt Investor.

The firm filed a document last week with the US Securities and Exchange Commission that signified a first close on $177.2 million. Versa expects to hold another close in the first quarter and a final close on 30 June, the source said. 

The Philadelphia-based firm set a $750 million target and $850 million hard-cap for the vehicle. Versa Capital Fund III will invest in North American mid-market distressed buyouts. The firm specialises in providing capital to companies with revenues between $50 million and $1 billion or with assets between $25 million and $500 million, according to its website.

To read the full story on Private Debt Investor, click here.