Anchorage Capital Partners (Anchorage) has held the closing of its third institutional fund, Anchorage Capital Partners Fund III (ACP III) at AUD350 million, approximately three months after initial launch.
ACP III was considerably oversubscribed, with demand exceeding the fundraising target, attributable to continued strong support from existing investors combined with significant interest of new investors.
Anchorage maintained the strong local market support evidenced in prior fundraising, with over 40 per cent of Fund commitments sourced from Australian institutions. Offshore Limited Partners, comprising a select group of institutional investors from Asia, Europe, Middle East and the US, provided the balance of the commitments.
Consistent with the Anchorage Capital Partners Fund I and II mandates, Fund III will seek special situations where it can make controlling investments in underperforming Australasian and Southeast Asian businesses, with enterprise values between AUD30 million and AUD250 million. Anchorage believes that the middle market will continue to provide a number of attractive turnaround and operational opportunities, throughout the Investment Period of Fund III.
“The fundraising of ACP III has been a great success and we are thankful for the continued support of our existing investors, and extremely pleased with the quality of new investors we welcome into Fund III. We are very pleased to close the fund in such a short time frame and appreciate all the hard work that made this process so efficient. We look forward to making investments with our third fund, for which we see many attractive opportunities.” says Simon Woodhouse, Managing Director. “We have developed a wonderful team, fully committed and aligned with the Anchorage DNA and its investment principals.”
MVision Private Equity Advisers acted as the global strategic fundraising adviser for Anchorage. Minter Ellison acted as legal adviser and Ernst & Young acted as tax adviser to Anchorage.
