RoundShield Partners has raised an initial $750m (€680m) for its latest European asset-backed special situations and distressed opportunities fund, according to sources.

IPE Real Assets understands that RoundShield European Special Opportunities Fund V, which launched in December last year, received a re-up rate of around 80% from investors in the predecessor fund as well as an increased amount of interest from European institutions.

Fund V has an €800m target and a €950m hard cap.

The manager’s previous fund in the series, Fund IV, closed at its £670m hard cap in March 2020.

According to a source, the fund, which aims to “deliver attractive returns through opportunistic investment in special situations and distressed assets” is expected to hold a further close within the coming months.

RoundShield is known for providing private capital solutions in the small to mid-sized real estate, infrastructure, hard asset and financial asset markets.

A spokesperson for RoundShield told IPE Real Assets that the ”current market makes special situations investing a valuable addition to portfolios and we are excited about the current opportunity set in the UK and Europe”.

The manager already manages approximately $4bn of discretionary capital on behalf of pension funds, endowments, foundations, and other institutional investors.

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