Park Square Capital closed its latest subordinated debt fund at €2.2 billion ($2.6 billion) including committed leverage.
Park Square Capital Partners IV raised €1.8 billion of equity commitments. The target was €1.5 billion and a spokesman declined to comment on the hard cap.
PSCP IV invests in primary and secondary subordinated debt in performing credit and dislocated debt, a news release said. Its investment targets are stable companies across Europe and the U.S. The fund is 37% invested, the spokesman said.
"The success of the fundraising reflects the continued development of the firm and the strong performance of the strategy through multiple credit cycles," said Robin Doumar, managing partner, in the news release. "We are excited by the robust pipeline of opportunities available to private credit as the world recovers from the COVID crisis."
Investors included the €36 billion PensionDanmark, Copenhagen, according to the pension fund's website.
Park Square Capital's predecessor fund closed at €1.5 billion of investible capital, including leverage, in 2016. The private debt manager runs about $10 billion in assets.