Hong Kong’s SSG raises $211m

The special situations firm has pulled in capital from US LPs one month after launching Fund III.

SSG Capital Management has raised $211 million from twelve LPs for its third vehicle, according to a filing with the US Securities and Exchange Commission.

It is unclear whether the amount represents a first close. SSG declined to comment on fundraising.

Mercury Capital Advisors is acting as the placement agent.

The new vehicle, SSG Capital Partners III was launched in February, targeting $800 million, Private Equity International reported earlier.

Fund III is twice the size of its predecessor, which closed on its hardcap of $400 million in November 2012.

As the credit environment tightens in China, and the number of Indian companies with non-performing loans continues to rise, private equity investors have jumped at the opportunity to provide alternative means of financing in Asia.

However, in 2013, capital commitments to funds targeting Asia’s distressed assets declined 39 percent year on year, with funds raising $393 million for the sector, compared to $647 million raised in 2012, according to PEI’s Research & Analytics division.

The drop represents a three-year decline, and it mirrors the drop in overall fundraising for Asia. 

Founded in 2009 by senior members of the Lehman Brothers Asia special situations group, SSG Capital Management is an alternative investment advisor based in Hong Kong. It specialises in distressed and special situation investments across Asia-Pacific excluding Japan.