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Versa raises $650 million to buy 'distressed' firms

Greg Segall's Versa Capital Management Inc.says it's raised $650 million for its second fund investing in distressed companies

    by Joseph N. DiStefano
    Published 

Greg Segall's Versa Capital Management Inc.says it's raised $650 million for its second fund investing in distressed companies, which is one of the busiest parts of the stricken private-equity universe, as more troubled companies change hands.

A rival of SSG (Special Situations Group) in West Conshohocken, which spun off from PNC/National City last week, Versa is part of Philadelphia private equity and real estate investor Ira Lubert's Independence Capital group of funds, based at Cira Center in West Philadelphia, which counts on Pennyslvania state workers' and teachers' pension funds for about $1 billion of its $12 billion under management.