Atlas closes Fund II on $900m hard-cap

Andrew Bursky-led Atlas launched Fund II in September with a $650m target.

Atlas Holdings has held a first and final close for its Atlas Capital Resources Fund II on $900 million, according to a statement.

Fund II launched in September with a $650 million target and a $900 million hard-cap. Roughly half of limited partners in Fund II are new investors, Atlas co-founder Andrew Bursky said in the statement. The Arkansas Teachers Retirement System reportedly committed $25 million to the fund, which included a general partner commitment.

Atlas plans to make its first investment from Fund II during the first half of 2014, Burksy said. The firm makes control investments in financially or operationally stressed companies in North America, Europe, Asia and Australia. Atlas acquires companies through bankruptcy purchases, out-of-court restructurings and reorganisations, as well as discontinued operations from corporate sellers, according to its website.

“In our experience it is always a good time to be investing in these kinds of businesses,” Burksy said. “We find ample opportunity in the best of economies.”

Atlas’ debut fund closed on $365 million in June 2010 and received a commitment from fund of funds Fort Washington Capital Partners, according to Private Equity International’s Research and Analytics division. Capstone Partners acted as placement agent for both Fund I and Fund II.

Atlas focuses on the building materials, construction products, energy, industrial services, packaging and steel sectors. Portfolio companies include steel bridge manufacturer Veritas Steel and towel and tissue producer Soundview Paper Company, according to its website.

Greenwich, Connecticut-based Atlas spun out from Pegasus Capital Advisors as an industrial holding company in 2002. The firm was founded by managing partners Bursky and Timothy Fazio and manages more than $1.3 billion of capital.