Varde Partners closed its latest distressed debt fund, Varde Fund XIII, with $2.5 billion in commitments, above its $2 billion target, spokeswoman Andrea Raphael confirmed in an email.
The fund will target credit and credit-related assets globally across liquid traded credit, special situations, real estate and financial services.
The previous fund in the series, Fund XII, closed in March 2017 with $1.7 billion in capital commitments.
Investors in the current fund include the $99.5 billion Minnesota State Board of Investment, St. Paul; and the $2.7 billion Baltimore City Fire & Police Employees' Retirement System.
