W.L. Ross & Co., an Invesco private equity subsidiary, closed the $4 billion WLR Recovery Fund IV, which will invest in and restructure distressed companies. Investors in the fund include the $246 billion California Public Employees Retirement System, Sacramento, and Ascension Health, St. Louis, which has $12 billion in pension and capital reserve funds.
Separately, Roark Capital Group closed its second private equity fund with $1 billion in capital commitments. Its first fund closed in March 2005 with $413 million. The fund will invest in franchising, food and restaurants, specialty retail, direct marketing and financial services companies. Investors include Ascension Health.