Invesco has announced the final closing of the WLR Recovery Fund IV, the first launch by WL Ross since its acquisition by Invesco in October 2006, with commitments of USD4bn for investment
Invesco has announced the final closing of the WLR Recovery Fund IV, the first launch by WL Ross since its acquisition by Invesco in October 2006, with commitments of USD4bn for investment in the restructuring of financially distressed companies.
‘We launched this fund, our largest to date, some months ago in anticipation of the turmoil that is now providing us with a wide range of distressed investment opportunities,’ says WL Ross chairman Wilbur Ross. ‘Invesco’s access to a broad range of investors and the depth of its global infrastructure support were key in allowing us to meet our funding goals.’
Martin Flanagan, president and chief executive of Invesco, says: ‘This fund illustrates that the joining of forces of WL Ross and Invesco has resulted in tangible benefits for our clients and shareholders. I am pleased that the first joint effort with our partners at WL Ross has been such a solid success.’
WL Ross invests in and restructures financially distressed companies with the aim of creating new enterprises. The firm’s investment committee has worked together for more than 10 years and its members average more than 20 years’ experience in bankruptcy advisory, corporate finance, credit workout, investment banking and security analysis.
Invesco’s investment management businesses include AIM, Atlantic Trust, Perpetual, PowerShares and Trimark as well as WL Ross and serves retail, institutional and high net worth clients from its operations in 20 countries.
