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Laxman Pai, Opalesque Asia: Global alternative investment firm Värde Partners is closing its second fund targeting distressed credit opportunities with $1.6 billion in commitments, exceeding a $1 billion target, for assets potentially stressed or mispriced as a result of the economic fallout of the coronavirus outbreak.
The Värde Dislocation Fund (VDF) will look for global investments that will benefit from "historic market locations and economic disruptions from the COVID-19 pandemic," said a press release. It will pursue a broad universe of mispriced, stressed, and distressed credit, it added.
The fund exceeded its $1 billion target in five months of fundraising despite the lack of in-person meetings, and attracted 55% of the commitments from new investors, according to Värde president June Fox.
Earlier this year, Värde also launched a $1 billion dislocation fund that was raised through a private banking platform. This brings the total capital Värde has raised specifically for dislocation strategies to more than $2.6 billion and follows on the heels of the close of Värde's 13th flagship fund in December 2019.
Jon Fox, President, added: "The strong demand for this strategy from a diverse, global investor base underscores expectations for a deep credit cycle. We are pleased to see 55% of commitments to VDF come from new investors, notwithstanding it was raised entirely with no in-person meetings. We took innovative steps to engage investors through virtual plat...................... To view our full article Click here
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