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Alternative Market Briefing

Varde Partners Closes Fund XII on $1.74 Billion

Wednesday, March 22, 2017

Bailey McCann, Opalesque New York:

Minneapolis, Minnesota-based Varde Partners has closed its twelfth flagship fund on $1.74 billion. The firm invests in opportunities across a broad array of geographies, segments and asset types. The Fund's main areas of focus include opportunities across credit, real estate, and specialty finance on a global basis, highlighting investment themes related to bank retrenchment, new distressed cycles and market distress still remaining from the great financial crisis.

Known investors in Fund XII include the Workers Compensation Reinsurance Association, which committed $25 million in June of last year.

Fund XII is slightly smaller than the firm's predecessor fund which closed on $2 billion in 2014. A spokesperson for the firm says that Fund XII's target was $1.5 billion, a figure that Värde felt reflected current market demand.

Fund XII is approximately 30 percent invested already.

Varde also started this year with a new investment team. The firm announced late last year that Ilfryn Carstairs and Jeremy Hedberg would be promoted from partner to co-CIOs, working alongside current CIO George Hicks, who is also the firm's CEO. That arrangement was effective as of January 1, 2017. Hicks will use this year to transition out of his CIO role and will be CEO only starting on January 1, 2018. Marcia Page will stay Executive Chair.

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