CarVal Investors closed its third credit fund, the $3 billion CVI Credit Value Fund III, spokeswoman Ann Folkman said in an e-mail.
The fund focuses on portfolios of whole loans of European banks. It will also invest in corporate securities, liquidation claims and structured credit. The fund had a target fundraising range of $2 billion to $2.5 billion.
The previous fund, CVI Credit Value Fund II, closed in August 2013 with $2.3 billion.
Investors in the fund include the $184.7 billion Florida State Board of Administration, Tallahassee; $80 billion Minnesota State Board of Investment, St. Paul; $62 billion Massachusetts Pension Reserves Investment Management Board, Boston; and $7.4 billion New Hampshire Retirement System, Concord.