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Strategic Value Partners closes fourth special situations fund at $2.85 billion

Strategic Value Partners closed its fourth special situations fund, Strategic Value Special Situations Fund IV, at its hard cap of $2.85 billion, surpassing its $2.1 billion target,a news release said.

The fund, like its predecessors, invests globally with a primary focus on U.S. and European middle-market distressed debt. The previous fund, Strategic Value Special Situations Fund III, closed at $1.56 billion in December 2014, surpassing its $1 billion target.

Investors in Fund IV include the $209.1 billion New York State Common Retirement Fund, Albany, and the $17.4 billion Kentucky Retirement Systems, Frankfort.