Z Capital Partners Eyes Distressed Cos.
January 30, 2009
Z Capital Partners raised $100 million for its first private equity fund, Z Capital Special Situations Fund, L.P., which has a final target of $500 million, according to a source familiar with the situation.
Z Capital will make control investments in middle-market distressed companies, operational turnarounds and special situations, typically done by investing in secured bank loans to obtain a controlling equity position through a restructuring process.
The fund has its eye on companies with an enterprise value of less than $1 billion and/or Ebitda of less than $100 million. The source familiar with the the fund said it is considering investments in financial services, gaming and consumer products industries.
Z Capital is a privately held alternative asset management firm in Chicago, started by James Zenni, former president, co-owner and co-founder of Black Diamond Capital Management, an alternative asset management firm.
Black Diamond was established in 1995. Zenni divested his 50% equity ownership interest in Black Diamond in October 2006.
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