Marlin Management Company LLC said Monday that it closed its Marlin Equity III L.P., a $650 million institutional private equity fund that will invest in businesses “undergoing varying degrees of operational, financial or market driven change,” such as restructuring or bankruptcy.

The Los Angeles private investment firm and turnaround specialist, which has more than $1 billion under management, targets a variety of industries, particularly technology, health care, business services, consumer products, and manufacturing.

Marlin said that the latest fund originally was targeted to be $450 million, but was oversubscribed in less than three months.

“Our successful fundraise is a testament to our track record of creating value for our investors through complex transactions and operational improvements,” David McGovern, managing partner, said in a statement. “Our increased capital base will enable us to fully take advantage of the vast number of attractive opportunities we see in the market today.”

In addition to McGovern, the fund’s senior investment team includes Nicholas Kaiser, George Kase, Steve Johnson, Andy Martinez, and Peter Spasov.

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