WL Ross Raising Fund IV

W.L. Ross & Co. is targeting $2.5 billion for its fourth fund, according to LBO Wire. The New York-based firm focuses on distressed and turnaround opportunities, and raised $1.15 billion for its current fund back in 2005. The new fundraising effort has a $4 billion cap, with a first close scheduled by the end of next month. www.wlross.com