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Laxman Pai, Opalesque Asia: The global alternative investment firm Varde Partners closed its latest distressed debt fund, Varde Fund XIII, with $2.5 billion in commitments, above its $2 billion target.
The Fund will have the flexibility to invest in a range of credit and credit-related assets globally across liquid traded credit, special situations, real estate and financial services.
The previous fund in the series, Fund XII, closed in March 2017 with $1.7 billion in capital commitments.
Investors in the current fund include the $99.5 billion Minnesota State Board of Investment, St. Paul; and the $2.7 billion Baltimore City Fire & Police Employees' Retirement System.
"Over the past 26 years we have built a global platform with the agility to seek attractive risk-adjusted value in opportunistic credit and asset markets," said George Hicks, Co-Founder, and Chief Executive Officer.
"In this fund, we utilize our deep experience through many market cycles with the flexibility to invest in both private and liquid markets, across capital structures and regions," Hicks added.
Värde expects the opportunity set to be driven by systemic distress factors, including where financial systems retain persistent high levels of non-performing loans and cyclical opportunities associated with the industry or economic downturns.
"Against a backdrop of intense economic uncertainty, there are several significant pockets of distress around the world today, and we expect ...................... To view our full article Click here
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