Australian turnaround specialist Anchorage Capital closes third fund at $265m

Photo: Reuters

Australian private equity turnaround specialist Anchorage Capital Partners has closed its third fund – Anchorage Capital Partners Fund III – at $265.2 million (A$350 million).

The vehicle was closed within three months of launch and Anchorage is likely to make an announcement Thursday, according to a report from Australian Financial Review.

According to the report, Anchorage managing director Simon Woodhouse said, Fund III “was considerably oversubscribed, with demand exceeding the fundraising target, attributable to continued strong support from existing investors combined with significant interest of new investors.”

Anchorage invests in businesses operating below their full potential or undergoing a significant transformation. It partners with management teams via control investments to turn around the company.

It invests in companies, which have reported revenues of over $100 million, located in Australia, New Zealand or Southeast Asia. According to the firm’s website, its deal size or enterprise value “sweet spot” ranges from $25 million to $250 million, but it does not shy away from making significantly larger investments in partnership with existing investors if required. Most investments are across all sectors with the exception of high-tech, bio-tech, direct mining or direct property, it adds.

The third fund attracted 40 per cent of the commitments from Australian institutions and the balance from overseas investors, the report said.

Anchorage had closed its A$250 million Fund II in 2013 from which it is currently investing. The first in the series was a A$200 million vehicle raised in 2008 and has been fully deployed.

In September this year, the firm acquired facility maintenance provider TJS Services that provides services for customers in Australia in the government, hospitality, education, healthcare, corporate and entertainment sectors. Last month, it invested in Bapcor Ltd’s industrial waste services unit, Contract Resources.

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Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.