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Balbec Capital raises $1.2bn for latest global credit fund

Tuesday, June 09, 2020
Opalesque Industry Update - Balbec Capital, LP, a global alternative asset manager with expertise sourcing and investing in bankrupt and insolvent credit, has completed the final close of InSolve Global Credit Fund IV, L.P. (the Fund), with total commitments of approximately $1.2 billion. This exceeds the Fund's $1 billion target and makes it Balbec's largest fund to date. The Fund received significant backing from current Balbec clients and welcomed a number of new global institutional investors.

Consistent with the successful approach of Balbec's predecessor vehicles, the Fund will seek to identify and capitalize on investment opportunities with a focus on a subset of non-performing loans where the borrower or assets are subject to an insolvency proceeding, restructuring, liquidation, or other form of distress. Balbec will leverage its extensive experience and global footprint to selectively invest across geographies and asset types to source the most desirable opportunities while mitigating macro risks. To date, the Fund has called 45% of commitments.

Warren Spector, Chairman of Balbec, said, "The strong support we have received for our fourth fund is a testament to investors' confidence in Balbec's experienced team, differentiated credit platform, and disciplined approach to investing in and managing complex assets. We look forward to continuing to leverage our deep expertise in global bankruptcy regimes and longstanding industry relationships to source attractive opportunities that we believe will deliver strong risk-adjusted returns for our investors."

Charles Rusbasan, Founding Partner and Chief Executive Officer of Balbec, added, "We are pleased with the Fund's portfolio construction and believe we are well-positioned to continue to capture opportunities globally by transacting with speed, certainty, and discretion. We expect the pipeline of opportunities to remain robust as we look to build upon our track record of successfully investing across market cycles."

Since inception in 2010, Balbec has invested over $5.2 billion across more than 300 transactions in 19 countries. Balbec's predecessor vehicle, InSolve Global Credit Fund III, closed in 2018 with $727 million of capital commitments. Earlier vehicles in the series, InSolve Global Credit Fund II and InSolve Global Credit Fund I, closed at $629 million in 2015 and $143 million in 2012, respectively.

About Balbec Capital, LP
Founded in 2010, Balbec Capital, LP is a global alternative asset manager with approximately $2.4 billion AUM, and offices in the US and in Europe. It specializes in acquiring loans or claims that are in bankruptcy, a structured debt settlement plan, or financial restructuring. The firm focuses on a subset of consumer and small-to-medium enterprise (SME) loans, subject to voluntary insolvency plans, such as Chapter 13 in the US and similar regimes globally. Balbec capitalizes on its extensive transactional experience, global infrastructure, strategic partnerships and proprietary analytics to identify unique investment opportunities for institutional investors.

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