Strategic Value Partners closed its third special situations fund, Strategic Value Special Situations Fund III, with $1.56 billion in raised capital, surpassing its $1 billion target, said a news release from the money manager.
The fund raised $1.31 billion in commitments, while a $250 million fund-of-one limited partner relationship brought total capital raised to $1.56 billion, the news release said.
Strategic Value Special Situations Fund II closed at $918 million in 2010.
Strategic Value Special Situations Fund III will invest “primarily in the distressed debt of middle-market companies and assets where (Strategic Value Partners) can exert meaningful influence in both financial restructuring and operational improvements,” according to the news release. The fund will focus more on Europe than its predecessor funds.
Investors in the fund include the $235 million Adams County Retirement Plan, Brighton, Colo., and the £10.5 billion ($16.5 billion) Greater Manchester Pension Fund, Manchester, England.
A spokesman for Strategic Value Partners declined to comment beyond the news release.