Versa Holds Final Close
Philadelphia-based “special situations” fund more than doubled its inaugural, 2006-vintage fund.
May 19, 2009
Versa Capital Management held a final close on its follow-up "special situations" vehicle, Versa Capital Fund II, LP, amassing $650 million in limited partner commitments. The new fund more than doubles the firm’s debut effort, a $300 million fund raised in 2006.
Versa Capital, formerly known as Chrysalis Capital Partners, was formed by Gregory Segall out of restructuring advisory shop Chrysalis Management Group. Segall is joined by partners Paul Halpern and Raymond French.
Versa has maintained a steady pace since its debut fund was launched four years ago. Most recently, the firm acquired Bob’s Stores from TJX Cos. last year and a year earlier took over certain assets of InPhonic, which went bankrupt in 2007.
According to Versa’s Form D documents filed with the Securities and Exchange Commission, the firm was originally seeking $600 million. The Philadelphia-based fund cinched commitments from both Pennsylvania’s Public School Employees’ Retirement System (PSERS) and State Employees’ Retirement System (SERS).
Documents found on the PSERS website revealed that Versa had scored three exits ahead of the fundraising, returning an average of 2.5x invested equity.
Versa primarily pursues control distressed debt investments or equity investments in situations involving a turnaround. The firm can commit between $5 million and $75 million in a single transaction and will target traditional buyouts, divestitures, turnarounds, restructurings and recapitalizations
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