Aurora Capital Group, a Los Angeles-based private equity firm with over USD2bn of assets under management, has closed its second resurgence fund at USD550m.
Through Aurora Resurgence Fund II, Aurora will continue to invest in the equity and junior capital of middle market companies, seeking controlling positions in complex situations created by operational or financial challenges.
The fund's broad investment mandate has allowed it to execute on corporate carve-outs, quick sale processes, rescue financings, 363 auctions and secondary debt purchases in both the US and Europe.
"We are delighted to announce the closing of our second Resurgence Fund, which will allow us to continue pursuing our flexible and proven investment strategy," says Gerald L Parsky, chairman of Aurora Capital. "Aurora Resurgence is known for its disciplined approach and strong track record in the middle market. We look forward to leveraging our highly experienced investment team, our Executive Board and our operating executives to identify attractive opportunities, improve operations and build great companies."
Steven D Smith, managing partner of Aurora Resurgence, says: "We see a tremendous opportunity for Resurgence Fund II and are grateful for the confidence placed in us by our limited partners. The quality of our investor base provides us with committed long-term partners and a solid foundation of flexible capital. This will enhance our ability to work closely with management teams and other stakeholders to help drive financial growth and operational improvements for companies across a range of industries."
Resurgence Fund II received strong support from existing investors in Aurora's funds, and also attracted a variety of new investors led by AlpInvest Partners and funds managed by Goldman Sachs Asset Management.
To date, Resurgence Fund II has acquired the remaining four companies from Aurora's original Resurgence Fund, which includes Sirva, TruGreen LandCare, Alltub Group, and TOPS Parking.
