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Report: Hong Kong's SSG Capital crosses $1.5B target for Asian fund

Hong Kong-based SSG Capital Management Ltd. has secured commitments beyond the $1.5 billion target for its fifth flagship fund, The Wall Street Journal reported, citing a person familiar with the matter.

According to a recent report by Pennsylvania Public School Employees' Retirement System, the SSG Capital Partners V LP had raised $1.36 billion in May before the pension committed $300 million to it, the publication said.

Other investors include University of Michigan Board of Regents, which committed $50 million; the San Francisco Employees' Retirement System, which pledged $75 million; and the Virginia Retirement System, which committed $150 million.

The Asia-focused distressed and special situations credit fund aims to invest 60% of its assets in distressed situations, including new private lending investments of purchasing loans and defaulted claims, and about 40% in secondary special situations, according to the Journal. It expects to make 20 to 25 investments of between $50 million to $100 million in India, China and Southeast Asia, with about 15% to 20% of its assets expected to go into South Korea, Australia and other Asian countries.