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.Â
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.
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