Press Article

Press release issued by Anchorage Capital in respect of Anchorage Capital Partners Fund III


Anchorage Capital Announces Closing of A$350 million for its Third Fund

30 November 2017

Sydney, Australia (November 30, 2017) – Anchorage Capital Partners (“Anchorage”) is pleased to announce the closing of its third institutional fund, Anchorage Capital Partners Fund III (“ACP III”) at A$350 million, approximately three months after initial launch.

ACP 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 maintained the strong local market support evidenced in prior fundraising, with over 40% of Fund commitments sourced from Australian institutions.  Offshore Limited Partners, comprising a select group of institutional investors from Asia, Europe, Middle East and the U.S., provided the balance of the commitments.

Consistent with the Anchorage Capital Partners Fund I and II mandates, Fund III will seek special situations where it can make controlling investments in underperforming Australasian and Southeast Asian businesses, with enterprise values between A$30 million and A$250 million. Anchorage believes that the middle market will continue to provide a number of attractive turnaround and operational opportunities, throughout the Investment Period of Fund III.

“The fundraising of ACP III has been a great success and we are thankful for the continued support of our existing investors, and proud of the quality of new investors we welcome into Fund III.  We are very pleased to close the fund in such a short time frame and appreciate all the hard work that made this process so efficient. We look forward to making investments with our third fund, for which we see many attractive opportunities.” said Simon Woodhouse, Managing Director.

MVision Private Equity Advisers acted as the global strategic fundraising adviser for Anchorage. Minter Ellison acted as legal adviser and Ernst & Young acted as tax adviser to Anchorage.


Background 

Anchorage Capital Partners (“Anchorage”) is a dedicated private equity special situations manager formed in 2007, focused on the Australian and New Zealand markets and selectively in Southeast Asia.

Anchorage takes an intensely hands-on and proactive approach to implementing its operational plans, including by leading newly created Turnaround Committees at each portfolio company.

 

The Managing Directors each have over 20 years of experience in private equity, as well as direct commercial experience in management, strategy formulation, finance, accounting and operations. As such, the Firm believes it is one of the most experienced dedicated special situation managers active in the Australasian and Southeast Asian markets.


Contact

For further information, please contact:

Simon Woodhouse, Managing Director, Anchorage Capital, simon.woodhouse@anchoragecapital.com.au

Mounir Guen, CEO, MVision Private Equity Advisers, mg@mvision.com

Or visit, http://www.anchoragecapital.com.au

 This press release is not an offer of securities for sale in the United States and interests in the Fund may not be offered or sold in the United States absent an exemption from legislation.