China-focused distressed debt and special situations firm Shoreline Capital Management has held a first closing of US$150 million for its third fund, according to information posted on the investment firm’s website.
Shoreline China Value III L.P. is targeting to raise a total of US$500 million. The fund is expected to complete a second closing in July, and a final closing in the fall.
Its second fund, Shoreline China Value II L.P., closed at US$303 million in 2012. Its maiden fund raised US$178.2 million in 2008.
As of December 31, 2013, Shoreline’s first fund had returned to its limited partners 73.6% of drawn-down capital. Its second fund was 92% deployed as of March 31 this year, according to the information posted on its website.