New York private equity firm Aterian Investment Partners has closed a $256.8 million fund.

The fund, called Aterian Investment Partners II LP, will invest in distressed, underperforming companies, restructurings and carve-outs.

Investors include domestic endowments, foundations, family offices, fund of funds and insurance companies.  

Aterian invests in middle market distressed and underperforming companies that generate between $25 million to $500 million in revenue. The firm is invested in Galata Chemicals, Burner Systems International and Bluewater Thermal Solutions.

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