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Laxman Pai, Opalesque Asia: Strategic Value Partners (SVP), an investment group focused on the debt of distressed companies, has raised a $1.6bn "dislocation fund" to take advantage of opportunities thrown up by the coronavirus crisis, as investors bet that a wave of defaults is still to come.
The global investment firm with over $9 billion of assets under management said in a press release that the custom mandate - Strategic Value Dislocation Fund - will operate across SVPGlobal's distressed debt platform, with the flexibility to take advantage of an evolving set of opportunities, from liquid- and event-driven trading through to debt-for-equity restructurings.
More than 25% of the custom mandate's capital has already been deployed, including investments in the European logistics company Swissport, which has agreed to implement a debt-for-equity restructuring led by SVPGlobal, and U.S. roofing and drainage products manufacturer OmniMax International, which has agreed to be acquired by funds managed by SVPGlobal.
On September 30, SVPGlobal held a final close for the custom mandate, which included commitments from 15 institutional investors, approximately half of which are existing relationships and half new clients for the firm, the press release said. The capital was raised in four months and entirely through virtual meetings.
The new custom mandate is separate from but complements and adds further flexibility to, SVPGlobal's Strategic Value Restr...................... To view our full article Click here
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