Castlelake closed its U.S. and European distressed debt fund Castlelake III at its hard cap of $1.4 billion in capital commitments on Feb. 28, the company announced Tuesday.
The fund will invest in a diversified portfolio of primarily distressed assets with some exposure to asset-rich distressed corporate credit, according to a news release.
Investors in the fund include the $14.1 billion Arkansas Teacher Retirement System, Little Rock.
Castlelake was previously known as TPG Credit Management until August 2013.
Spokeswoman Molly Schlax would not provide other investor information.