American Capital Raises Fund

American Capital Strategies has closed its second private equity fund with $585 million in capital commitments. AIG served as cornerstone limited partner, and was joined by Landmark Partners, Paul Capital Partners, Lehman Brothers Secondary Opportunities Fund and SVG Advisers Limited. The fund will use $488 million to purchase American Capital's equity investments in 80 portfolio companies, while the remaining $97 million will be used for follow-on investments in those portfolio companies.