Kelso to launch new turnaround fund

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Fund

Kelso Place Asset Management has launched The UK Special Situations Fund IV, a new fund for turnaround opportunities in the UK. The fund, which is based in London, has a target of £75m. Triago is acting as placement agent for the fund.

Investors

The fund is aiming to attract a select group of institutional investors, which are likely to include European family offices and funds-of-funds.

Investments

Like its predecessors, the new vehicle will focus on turnaround and special situations opportunities, including financial restructuring, operational turnarounds, corporate orphans and purchasing businesses from distressed vendors.

Kelso intends to acquire controlling stakes in sound UK mid-market businesses with annual revenues of between £10-100m. The fund, which will not be sector specific, will typically invest between £1-15m. Over the course of the fund's life, Kelso plans to make approximately six platform investments.

People

The fund will be managed by Sion Kearsey and Philip Weston, supported by a team of six investment professionals based in Kelso's London office.

Name: The UK Special Situations Fund IV

Launched on: July 2009

Target: £75m

Focus: Special situations, turnarounds, UK

Contact: Sion Kearsey and Philip Weston

Address: Kelso Place Asset Management, 110 St. Martin's Lane, London WC2N 4BA

Tel: +44 20 7836 0000

Fax: +44 20 7836 1001

Advisers: Triago (Placement agents).