EXCLUSIVE: SSG targeting $800m on Fund III

SSG Capital Management is marketing its third capital partners fund with an $800 million target and $900 million hard-cap, San Francisco Employees’ Retirement System interim director Bob Shaw told Private Debt Investor. San Francisco’s retirement board is scheduled to consider a $50 million commitment to the fund at its meeting on Wednesday.

The fund target is substantially larger than the $400 million the firm closed on for Capital Partners II in 2012. The fund had deployed roughly one-third of its capital at the time of the close, according to a report from sister publication Private Equity International.

According to Shaw, the opportunity for distressed investing in Asia has grown as banks have curtailed their mid-market lending operations.  The firm is expecting a first close on Fund III in February and a final close in the spring, Shaw said, citing investment documents.

The Hong Kong-based firm could not be reached for comment at press time.

Capital Partners II targeted debt and equity investments in the Asia Pacific region, with a focus on companies with enterprise values between $100 million and $1.5 billion, according to a Los Angeles City Employees’ Retirement System document dated 8 January, 2013.

SSG was founded in 2009. The firm is led by principals Edwin Wong, Andreas Vourloumis and Shyam Maheshwari.