New York-based American Securities Opportunities Fund has closed its second fund with more than $753 million of committed capital, the firm announced Thursday. The fund focuses on investments in public or private companies in distress, or trading at distressed levels.
American Securities Opportunities Fund, an affiliate of American Securities LLC, today announced the closing of its second fund with more than $753 million of committed capital. American Securities Opportunities Fund’s first fund was formed in 2006 with more than $300 million in commitments. The funds focus on making investments in public or private companies in distress or trading at distressed levels due to deterioration in operating performance or anticipated liquidity problems.
The American Securities Opportunities Fund team includes ten professionals based in New York and is led by Anthony Grillo, Lawrence A. First, and Daniel H. Clare. Tony Grillo, who rejoined American Securities in 2005 to establish American Securities Opportunities Fund, previously served as senior managing director and partner of Joseph Littlejohn & Levy, and senior managing director and partner of The Blackstone Group where he co-founded its Restructuring Advisory Group. Larry First was formerly a managing director and co-portfolio manager in Merrill Lynch’s Principal Credit Group and a corporate and bankruptcy partner at Fried, Frank, Harris, Shriver & Jacobson LLP. Dan Clare was previously a senior managing director at Diamond Castle Holdings and an investment professional at DLJ Merchant Banking Partners.
In commenting on the closing of this second fund, Tony Grillo said, “We are pleased that our track record in making investments with prudent risk profiles has resulted in new commitments from investors for Fund II of more than double those in Fund I. We have already deployed over $150 million of Fund II capital and are confident that there will be a significant number of investment opportunities over its remaining four year investment period.”
About American Securities Opportunities Fund
American Securities Opportunities Fund invests in public or private companies experiencing operating or financial stress, other challenges that may be solved with an injection of appropriate resources and/or companies whose debt is trading at distressed levels due to market conditions. The funds invest in securities throughout a company’s capital structure including bank debt, high yield bonds, trade claims, and equity securities. American Securities Opportunities Fund’s strategy includes making control, as well as non-control investments. American Securities Opportunities Fund works in collaboration with American Securities, and is led by a separate investment team with more than 75 years of collective experience in distressed investing, public and private debt equity investing and business restructuring and advising.
About American Securities
Headquartered in New York with an office in Shanghai, American Securities is a leading U.S. middle-market private equity firm that invests in market-leading North American companies with annual revenues generally ranging from $100 million to $1 billion. In 2008 American Securities closed its fifth private equity fund with an unprecedented 25-year life and more than $2.3 billion and now has approximately $8 billion under management. The firm traces its roots to the family office founded in 1947 by William Rosenwald to invest and manage his share of the Sears, Roebuck & Co. fortune.