Versa raises $650M

Versa Capital Management has reportedly closed its second buyout fund with $650 million in commitments, topping its $600 million target.

The Philadelphia-based firm, which invests in distressed companies, began fund-raising in January 2008. Versa, f.k.a. Chrysalis Capital Partners, raised about $75 million for its initial fund, which closed in 2005.

Versa invested $15 million in the debt of now-bankrupt Chrysler. The firm also saw portfolio company American Restaurant Group go bankrupt this year.