As expected, WL Ross & Co. officially launched its latest distressed investment vehicle, WLR Recovery Fund V, according to a filing with the Securities and Exchange Commission. A target was not identified, although published reports late last year indicated the firm would seek $4 billion for the new fund.

The fund launch comes a little less than three years after the firm closed its fourth vehicle, WLR Recovery Fund IV, which collected $4 billion in commitments. The firm’s fourth vehicle was its first following its sale to Invesco Ltd., a deal completed in 2006.  

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