Versa Closed Second Turnaround Fund

Versa Capital, based in Philadelphia, has reportedly closed its second buyout fund with $650 million in commitments, topping its $600 million target. The firm, which invests in distressed companies, began fundraising in January 2008. Versa invested $15 million in the debt of now-bankrupt Chrysler. The company also saw portfolio company American Restaurant Group go bankrupt this year. Versa web site