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Alternative Market Briefing

Charlesbank wraps up second credit fund at $700m hard

Wednesday, July 08, 2020

Laxman Pai, Opalesque Asia:

Private equity firm Charlesbank Capital Partners smashes its $500m target by raising $700m for its Credit Opportunities Fund II (COF II).

"The Fund had a $500 million target and received limited partner commitments above its $700 million hard cap," said a press release from the middle-market PE firm.

The new round is a successor to Charlesbank's first credit fund, launched in 2016. The new fund will focus on credit investments in established middle-market companies, primarily in North America and with average enterprise values between $150m and $1.5bn.

"We believe the attractiveness of our credit strategy stems from our differentiated investment approach which leverages Charlesbank's proprietary insights, extensive network and strong diligence capabilities in a fully integrated investment process," said Sandor Hau, a managing director at Charlesbank and head of its credit team.

"We expect to see continued opportunity to invest in mispriced credit risk and look forward to putting our investors' capital to work to generate attractive, risk-adjusted returns."

The investor base for COF II, which held its final closing on July 2, 2020, comprises a diverse group of more than 30 institutional investors including public and corporate pensions, endowments, foundations, financial institutions, asset managers and family offices, as well as high net worth individuals.

In addition to COF II, Charlesbank is currently investing its ninth Fla......................

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