ABRY back in market for third senior debt fund

ABRY Partners has launched its third senior debt fund targeting at least $1 billion (and possibly more), according to two people with knowledge of the firm. The fund launched sometime in January, according to one of the people.

ABRY did not return several calls for comment.

This would seem to be a relatively quick turnaround for the firm. ABRY closed its prior debt fund – ABRY Advanced Securities Fund II — on $1.2 billion in 2011, according to the firm’s website. The implication here is that ABRY was able to deploy capital from that vehicle in quick time.

The firm targets senior debt investments — generally first or second-lien bank debt — in its portfolio companies as well as external businesses. ABRY’s Advanced Securities Fund series focuses on senior debt securities issued by high quality, non-investment grade media, communications, business and information services companies, according to ABRY’s website.

The senior debt series is a relatively new one for ABRY, but seems to have attracted strong capital since inception. ABRY’s debut senior debt fund raised $700 million in 2008, and its second fund collected $1.2 billion in 2011. Fund II was generating a 1.3x total value multiple as of Sept. 30, 2013, according to performance information from the Main Public Employees’ Retirement System.

Photo courtesy of Shutterstock.