Aurora’s Distressed Fund Comes Together
Gerald Parsky’s Aurora Resurgence Fund has closed on nearly $500 million according to SEC filings
June 19, 2009
The Aurora Resurgence Fund, a debut effort from Gerald Parsky and Aurora Capital in the special situations space, has closed on nearly $500 million of capital, according to separate filings made with the Securities and Exchange Commission Thursday. The fund, based in Los Angeles, targets debt and equity investments in mid-market companies facing “operational or financial” challenges.
The managers of the new vehicle, led by Anthony DiSimone and Steven Martinez both have HIG Capital lineage, as DiSimone was previously a managing director at the firm focusing on its Bayside Capital distressed debt fund. Martinez, meanwhile, was previously in the special situations group at Goldman Sachs, but before that put in stints at both American Capital Strategies and HIG Capital, where he was a principal.
Parsky, who serves as the Chairman of Aurora Resurgence, founded its sister private equity fund, Aurora Capital, back in 1991. Parsky, along with Aurora advisers Lawrence Bossidy, Dale Frey and William Harrison Jr., sits on the investment committee at Aurora Resurgence.
The fund, which has already started putting capital to work, was first launched back in 2007, reportedly targeting $800 million. This past May, the firm acquired Norwood Promotional Products out of bankruptcy.
CalPERS and the San Bernardino County Employees’ Retirement Association are among the limited partners in the fund.
Calls to the firm were not immediately returned by press time.
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