Distressed and credit-intensive asset-focused CarVal Investors has hauled in $3.6bn for its latest Credit Value Fund, exceeding its hard cap by 20%.
The new fund is the successor to its $3bn fourth fund in the strategy, which it closed in 2018.
Fund V will target distressed and credit-intensive assets within its core strategies of loan portfolios, corporate securities, structured credit and hard assets.
Firm managing principal Lucas Detor said, “We are excited about our current opportunity set colored by a strong recovery and low rates in developed markets and continued capital vacuums in emerging markets.
“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.”
He added, “The clean energy industry also continues to be a large area of focus for CarVal, providing interesting investment opportunities in the US, Europe and globally.”
CarVal has about $10bn in assets under management across corporate securities, loan portfolios, structured credit and hard assets.
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