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Varde Partners closes 12th fund at $1.74 billion

Varde Partners closed its latest multicredit fund, Varde Fund XII, at $1.74 billion.

The fund’s portfolio managers will target global investment opportunities in credit, real estate and specialty finance. The 12th closed-end Varde fund will have a particular focus on potential deals resulting from bank retrenchment, newly developing distressed market cycles and older distressed situations not resolved since the 2008 financial crisis, a company news release said.

The target size was not disclosed on SEC registration forms for Varde Fund XII. The previous fund in the series, Varde Fund XI, closed at $2 billion in 2014, according to news release from Varde at that time.

Florida State Board of Administration, Tallahassee, committed $200 million to Varde Fund XII in August. FSBA oversees investment of a total of $186.2 billion, including the $146.1 billion Florida Retirement System.

Other asset owners committed to investment in the fund could not be identified, said Paula Prahl, a spokeswoman, in an interview.

“Fund XII continues the strong legacy of Varde’s flagship funds. These funds have been the cornerstone of the firm’s investing,” said Brad Bauer, Varde Partners’ president, in the release.

Varde Partners manage a total of $12 billion in long-only and hedge fund credit strategies.