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Castlelake closes fifth distressed debt fund at $2.4 billion

Castlelake announced Friday the final closing of Castlelake V at its $2.4 billion hard cap, surpassing its $2 billion fundraising target.

Fundraising for the distressed debt fund was completed in four months, a news release said.

The fund will focus on global aviation and distressed assets in North America and Europe, including non-performing loans and corporate debt. No portfolio investments have been made yet.

Investors in Castlelake V include the $18.1 billion Louisiana Teachers' Retirement System, Baton Rouge.

Predecessor fund Castlelake IV closed at $1.9 billion in June 2015.