Anchorage Capital Partners said Nov. 30 that its third institutional fund closed on 350 million Australian dollars ($264.7 million). Anchorage Capital Partners Fund III seeks to invest in special situations, making controlling controlling investments in Australasian and Southeast Asian businesses. MVision Private Equity Advisers acted as the placement agent for Anchorage. Minter Ellison acted as legal adviser and Ernst & Young served as tax adviser to Anchorage.
Third Special Situation Fund Capped at A$350 million
Sydney, Australia (November 30, 2017) – Anchorage Capital Partners (“Anchorage”) is pleased to announce the closing of its third institutional fund, Anchorage Capital Partners Fund III (“ACP III”) at A$350 million, approximately three months after initial launch.
ACP III was considerably oversubscribed, with demand exceeding the fundraising target, attributable to continued strong support from existing investors combined with significant interest of new investors.
The successful raise of Fund III, is a validation of our niche in the turnaround space and the value we bring through our operationally focussed programs. A major strength of Anchorage is its team, which is fundamental to our performance.
Anchorage maintained the strong local market support evidenced in prior fundraising, with over 40% of Fund commitments sourced from Australian institutions. Offshore Limited Partners, comprising a select group of institutional investors from Asia, Europe, Middle East and the U.S., provided the balance of the commitments.
Consistent with the Anchorage Capital Partners Fund I and II mandates, Fund III will seek special situations where it can make controlling investments in underperforming Australasian and Southeast Asian businesses, with enterprise values between A$30 million and A$250 million. Anchorage believes that the middle market will continue to provide a number of attractive turnaround and operational opportunities, throughout the Investment Period of Fund III.
“The fundraising of ACP III has been a great success and we are thankful for the continued support of our existing investors, and extremely pleased with the quality of new investors we welcome into Fund III. We are very pleased to close the fund in such a short time frame and appreciate all the hard work that made this process so efficient. We look forward to making investments with our third fund, for which we see many attractive opportunities.” said Simon Woodhouse, Managing Director. “We have developed a wonderful team, fully committed and aligned with the Anchorage DNA and its investment principals”, he added.
MVision Private Equity Advisers acted as the global strategic fundraising adviser for Anchorage. Minter Ellison acted as legal adviser and Ernst & Young acted as tax adviser to Anchorage.
Anchorage Capital Partners (“Anchorage”) founded by Phil Cave and Daniel Wong, and now co-led by Phil Cave, Daniel Wong, Simon Woodhouse and Callen O’Brien is a dedicated private equity special situations manager formed in 2007, focused on the Australian and New Zealand markets and selectively in Southeast Asia.
Anchorage takes an intensely hands-on and proactive approach to implementing its operational plans, including by leading newly created Turnaround Committees at each portfolio company. The Managing Directors each have over 20 years of experience in private equity and direct commercial experience in management, strategy formulation, finance, accounting and operations. As such, the Firm believes it is one of the most experienced dedicated special situation managers active in the Australasian and Southeast Asian markets.