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Laxman Pai, Opalesque Asia:

Alternative investment management firm Raven Capital Management has surged past its target for its sophomore credit fund - Raven Asset-Based Credit Fund II - to hit an $834m final close.

In addition to the closed-end vehicle, Raven has launched an evergreen sleeve, Raven Evergreen Credit Fund II LP, which will continue to fundraise and invest in perpetuity alongside Raven Asset-Based Credit Fund II, said a press release from the investment manager which makes asset-based loans and opportunistic credit investments.

Raven's private credit strategy focuses on non-sponsor, senior secured loans with an asset-based focus across North America. "The capital raise for the Credit Fund II franchise surpassed Raven's target of $500mm, reflecting the performance and differentiation of Raven's private credit platform," said the release.

"Off the success of the $288mm Raven Asset-Based Credit Fund I LP, which beat its target returns and deployed $1.3bn of capital, Raven's differentiated strategy has been well-received, with strong support from existing and new investors," it added.

The recent fundraise brings the firm's assets under management to over $2.0bn and the Credit Fund II franchise has already deployed over 75% of the capital raised to date.

Dimitri Cohen, Principal, Portfolio Manager & Head of Credit at Raven, said: "We have developed a leading and differentiated private credit platform due to a focus on non-spons......................

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