Virginia pension commits $150m to SSG Capital Partners V

The Hong Kong-headquartered firm is back in the market with its Asia-focused special situations fund series.

SSG Capital Management has launched its fifth Asia-focused special situations fund, a spokeswoman at the Virginia Retirement System confirmed to PDI yesterday.

The US public pension plan administrator committed $150 million to SSG Capital Partners V  on 14 December, a disclosure from its January board meeting shows. The vehicle has a five-year funding period, targeting special situation and distressed investments in Asia. A regulatory filing on 11 December showed the fund had been launched.

A Hong Kong-based spokeswoman for SSG declined to comment on the fund launch.

SSG Capital Partners V is the firm’s fifth closed-ended private credit fund. Its predecessor, SSG Capital Partners IV, held a final close on $1.7 billion in 2017, as reported by PDI. Fund IV was expected to generate a return of 20 percent.

PDI understands the firm had invested over $1 billion of the capital across India, South-East Asia, China, Korea and Australia as of end-October 2018.

SSG is not alone in the Asian special situations fundraising market. PAG, another Hong Kong-headquartered alternative investment firm, has also come back to the market with its latest special situations fund, PAG Special Situations Fund III, according to two regulatory filings disclosed on 15 January.

PAG’s special situation investment strategy includes investments across real estate and corporate investments in the Asia-Pacific region, according to PDI data. Its predecessor fund, PAG Special Situations Fund II, had garnered $1.4 billion as of June 2015.

A spokesman for PAG declined to comment on the fund launch.