SSG Capital Management, the Asian credit and special situations fund manager, has raised more than $2.5 billion for its two latest funds, PDI understands.
According to market sources, the manager has corralled around $1.7 billion for its fourth special situations fund – SSG Capital Partner IV, surpassing its original target of $1.25 billion.
This is the largest ever size for an Asia-focused special situations fund, according to PDI data. The fund is expected to generate a return of 20 percent. The hard-cap for the fund has not been disclosed and it is unclear whether the fund will continue its fundraising activities.
The firm’s predecessor fund, SSG Capital Partner III, closed on $915 million in 2014 and it is close to being fully invested to date. The series has traditionally looked at debt and equity investments in the Asia Pacific region, with a focus on companies with enterprise values between $100 million and $1.5 billion.
In addition, SSG closed its second secured lending fund – SSG Secured Lending Opportunities II (SLO II), at its $800 million hard-cap, surpassing its original target of $750 million. SSG raised more than double the $350 million it garnered in 2015 for its prior secured lending fund, SSG SLO I.
The firm has a gross target return of 15 percent for its SLO series.
The firm is already deploying capital from SSG SLO II and SSG Capital Partner IV. Both were launched in October with the majority of the LPs in the latest round of fundraising having committed to both funds, according to market sources.
SSG declined to comment on fundraising.
Established in 2009, the Hong Kong-based alternatives manager has launched six funds and currently has assets under management of over $4 billion.