Wilbur Ross Raising $4 Billion

wilburross[1].jpgTurnaround king Wilbur Ross is raising up to $4 billion for his fourth general fund, according to a regulatory filing. Maybe this signals his belief in an upcoming recession, or at least in a series of LBO-backed bellyflops. Perhaps he just needs fresh funds to help buy troubled mortgage companies American Home Lending and Northern Rock.

Whatever the reason, $4 billion is a lot more money than he’s ever raised before. In fact, it would essentially double his firm’s assets under management.

Ross last raised a general fund in 2005, when WLR Recovery Partners III closed with $1.15 billion. Since then, his firm was absorbed by Amvescap and reportedly raised a $685 million co-investment vehicle with Goldman Sachs.

The filing indicates that WLR Recovery Fund IV already has secured around $2.24 billion in commitments from limited partners like CalPERS.

Wilbur Ross did not respond to a request for comment.