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Black Diamond closes second fund on $982m30/01/2007. Source: AltAssets. 
 US firm Black Diamond Capital Management has closed its second fund, BDCM Opportunity Fund II, on $982m. The original target of the fund was $750m.
BDCM Opportunity Fund II expects to invest in distressed debt situations primarily through the purchase of the debt obligations in companies or situations that will typically be undervalued with respect to enterprise value, cash flow valuation or liquidation value. The fund may also invest directly in equity securities of a portfolio company for purposes of making add-on acquisitions, or for strategic purposes, in certain sectors or industries.
The firm's previous fund, BDCM Opportunity Fund, held its final closing on $416m in September 2003.
Black Diamond is an alternative asset management firm with approximately $10bn under management in a combination of distressed debt/private equity funds, hedge funds and structured vehicles.
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