The Transportation Recovery Fund, which
is backed by WL Ross & Co and Astrup Fearnley of Norway, are
looking to raise $500m, according to Bloomberg News.
The media outlet, which cites three people familiar
with the partnership, claims the fund has already closed on $258m.
Ross and long-time colleagues Stephen
Toy, Patrick Machir and Wendy Teramoto plus three representatives from Astrup
Fearnley are believed to have secured seats on the investment committee.
The development may not come as a
surprise as the billionaire investor has been vocal about his ongoing interest
in shipping for some time and is already active in the product tanker and
gas-carrier sectors with investments in Diamond S Shipping and Navigator Gas.
Calls and emails to Ross and Astrup Fearnley seeking comment were not immediately
returned on Thursday.
