American Securities announced Friday the closing of American Securities Opportunities Fund III at its $1 billion hard cap, said a spokesman for the private equity manager in an e-mail.
Like its predecessor funds, Opportunities Fund III will invest in middle-market companies that are stressed or undergoing operational, financial or other challenges, according to a news release from American Securities.
The fund had an original fundraising target of $750 million and is expected to make debt investments ranging from $20 million to $100 million primarily in North America, with up to 20% outside North America over a five-year period.
Investors include the $13.5 billion Los Angeles City Employees’ Retirement System; $13.5 billion Hawaii Employees Retirement System, Honolulu, and $4 billion Colorado Fire & Police Pension Association, Greenwood Village.
The fund’s predecessor American Securities Opportunities Fund II closed at $753 million in 2011.
