Värde Partners has exceeded its $250m (€220.6m) capital raising target for its Asia credit fund by 60%.
The global alternative investment firm said its Värde Asia Credit Fund, which invests in real estate debt and other forms of private debt, has received $400m of committed capital and closed after six months.
The manager said the fund received commitments from a global and diverse base of investors, including public and private pensions, endowments, foundations and family offices across North America, Europe and Asia. As previously reported, Texas Municipal Retirement System committed to the fund,
Värde Partners Asia Credit Fund will invest in stressed or distressed real estate as well as corporate credit and special situations in Asia-Pacific.
Ilfryn Carstairs, a partner and global co-chief investment officer based in Singapore, said: “Asia presents a massive opportunity for Värde to provide flexible capital and restructuring expertise while delivering value to our investors around the world.
“Since opening our regional headquarters in Singapore more than a decade ago, we have built institutional infrastructure in the region, thoughtfully expanded into new markets and hired local professionals in key areas of activity.”
Jon Fox, a partner and global head of business development and investor relations, said: “The terrific response to the Värde Asia Credit Fund is a reflection of the compelling opportunity set and our deep experience in the region.
”We are thrilled to have both new and long-time investors join us in this fund.”