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Alternative Market Briefing

Asia: Distressed debt funds aggregate capital targeted down 69%

Monday, November 23, 2020

Laxman Pai, Opalesque Asia:

While the number of distressed debt funds in the market globally has swelled to a record high, debt managers in Asia prefer to market opportunistic investments through direct lending vehicles that employ blended strategies, according to Preqin.

"Globally, private debt fundraising slowed in 2020 as investors pared back their commitments to new funds in a challenging economic environment. With a record number of distressed debt funds in the market globally, though, final figures could catch up toward the end of the year. In Asia, however, the numbers tell a different story," said Marissa Lee, Content Senior Associate (APAC) at Preqin.

There are only three distressed debt funds in the Asian market, collectively looking to raise $1.3bn as of the end of October.

The number and target capital are on par with one year ago, but aggregate capital targeted is down 69% from the high of $4.2bn in October 2018.

The largest of the three Asia-focused distressed debt funds currently in the market, India Resurgence Fund, was launched in 2016 by Piramal Capital and Bain Capital Credit with a $1bn target.

Value Partners Asia Principal Credit Strategy raised $90mn of its $300mn target at its first close in 2019, while Avenue Asia Special Situations Fund VI raised $154mn at its first close in April 2020.

Throughout 2020, up to October, only four Asia-focused distressed debt funds have closed, raising a combined $102mn, down from $722mn raised by......................

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