Billionaire investor Wilbur Ross is looking to raise roughly $400 million to buy or invest in struggling companies.

Ross, who recently stepped down as chief executive of the investment firm he founded, has formed a new "blank check" company, WL Ross Holding Corp., that will look to "identify, acquire and operate a business that is experiencing underperformance or distress [or] operating in an industry undergoing a period of dislocation," according to a prospectus filed with the Securities and Exchange Commission Friday.

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