Hong Kong-based special situations investment firm SSG Capital Management has reached a final close of its third Asia special situations fund at US$915m, according to media reports.
The fund, named SSG Capital Partners III LP, has an initial target size of US$800 million.
At least 70% of the new fund will be deployed in SSG’s core geographies of India, China and Indonesia.
In November 2012, SSG Capital made a final close on its second fund, which had a hard cap of US$400 million. The firm raised its first fund in December 2010 with over US$100 million.
Founded by members of the Lehman Brothers Asia special situations Group in 2009, SSG Capital invests in special situations across Asia-Pacific excluding Japan, focusing on distressed, turnaround and credit opportunities.