Distressed debt specialist SSG Capital Management is nearing a final close on its fifth flagship fund and has surpassed its $1.5bn target, according to a person familiar with the matter.

A recent Pennsylvania Public School Employees Retirement System report said the SSG Capital Partners V LP fund had closed on $1.36bn in May, before the pension added its own commitment of as much as $300 million on Aug. 9. The distressed debt fund was expected to hold a final closing late in the current quarter.

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