Siguler Guff closes distressed opportunities fund

Fund

Siguler Guff & Co has closed its latest fund-of-funds, Siguler Guff Distressed Opportunities Fund III, on $2.4bn, well ahead of its $1.5bn target. The global fund, which has a lifespan of ten years and is headquartered in New York, has a minimum subscription of $5m. The fund was launched in November 2007 and held its first close in the same month. Ropes & Gray provided legal advice.

Investors

The fund's LPs are made up of primarily blue chip institutional investors, including large public and corporate retirement funds, endowments and foundations. 20% of the investors are based offshore in Australia or Europe.

Investments

The new fund-of funds, which will invest anywhere between $50-100m per transaction, will focus on distressed opportunities in the US and Europe, particularly control and turnaround situations. The firm believes that the opportunities for distressed investments have never been bigger or broader in scope than in this market, specifically with several companies needing to restructure their senior debt. Up to 30% of the funds will be allocated to direct and co-investments.

People

A team of seven investment professionals led by managing director Maria Boyazny will manage the fund. The firm has offices in Boston, New York, Mumbai, Moscow and Shanghai.

Name: Siguler Guff Distressed Opportunities Fund III, LP

Closed on: $2.4bn April 2009

Focus: Fund-of-funds, US, Europe

Contact: Maria Boyazny

Address:

Siguler Guff & Co.

825 Third Avenue, 10th Floor

New York, NY 10022

Tel: +1 (212) 332-5100

Fax: +1 (212) 332-5120

US

Advisers: Ropes & Gray LLP (Legal).

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