Australia’s Anchorage closes Fund II at $260m hard cap
Australia-based special situations and turnaround specialist Anchorage Capital Partners has reached a first and final close on its second fund at the hard cap of A$250 million ($260 million). The vehicle, which came in oversubscribed, spent less than six months in the market.
More than 50% of fund commitments were sourced from Australian institutions, with the remainder coming from investors from Asia, Europe and the US.
Anchorage Capital Partners II will follow a similar investment mandate to its predecessor - which closed at A$200 million in March 2010 - by seeking controlling interests in underperforming businesses in Australia, New Zealand and Southeast. The typical target company will have an enterprise value of A$50-250 million.
Anchorage's first fund has made six investments so far and distributed more than A$60 million to investors. Recent deals include the acquisition of Woolworths' Dick Smith Electronics unit and Singapore-based plastic moulds manufacturer First Engineering, which was bought from creditors for $33 million.
In late 2011, Anchorage sold Antares Restaurant Group, which operates the Burger King franchise in New Zealand, to The Blackstone Group for a reported NZ$150 million ($126 million). It bought the business for NZ$46 million two years earlier, having identified it as a strong brand and pathway to customers that was underinvested and not being run particularly well.
MVision served as placement agent for Fund II, with Minter Ellison and acting as legal advisor and Ernst & Young as tax advisor.
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