Cheyne Capital Management (U.K.) closed European credit hedge fund Cheyne European Strategic Value Credit Fund SCS SICAV-SIF at €1 billion ($1.13 billion), spokesman Ryan FitzGibbon said in an email.
The firm closed the fund at €1 billion, even though there were investors with €400 million more that wanted to invest in the fund, Mr. FitzGibbon said.
The fund was launched a year ago by Cheyne Capital as a value-oriented, credit strategy seeking to take advantage of the sale of legacy midmarket corporate loans by European banks as well as the increased dislocation and illiquidity in subinvestment-grade credit.
"With crowded positioning in large-cap situations and unattractive valuations in mainstream subinvestment-grade credit markets, we believe this midmarket segment represents an attractive opportunity," CIO Anthony Robertson said in a statement.
Investors in the fund include the $29.1 billion Texas County & District Retirement System, Austin.
