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Laxman Pai, Opalesque Asia: The global alternative investment manager CarVal Investors raised $3.6 billion for a new global fund focused on credit and distressed debt, closing the vehicle to new money after exceeding an initial goal of $3 billion by 20 percent.
The Credit Value Fund V (CVF V) is focused on identifying distressed and credit-intensive assets within its core strategies of loan portfolios, corporate securities, structured credit, and hard assets, said a press release from the Minneapolis-headquartered firm.
The Fund has received commitments from both new and existing limited partners, representing a broad cross-section of corporate pension funds, fund of funds, private banks, sovereign wealth funds, family offices, endowment, foundations, insurance companies, high net worth individuals, and private wealth managers.
Investors include the Florida State Board of Administration, Tallahassee; Minnesota State Board of Investment, St. Paul; Maryland State Retirement & Pension System, Baltimore; New Hampshire Retirement System, Concord; Ventura County (Calif.) Employees' Retirement Association; and Baltimore City Fire & Police Retirement System.
Lucas Detor, a managing principal of CarVal Investors said: "In both developed and emerging markets, we continue to see attractive value in COVID-recovery sectors including aviation and hospitality. We remain very grateful for the support of our existing and new partners in CVF V."
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