Castlelake closed its latest distressed assets fund, $1.9 billion Castlelake IV, in a single closing in five months, said Molly Schlax, spokeswoman for the alternative investment firm, in an e-mail.
The new fund exceeds its last fund, which also invested in distressed assets in the U.S and Europe. The $1.4 billion Castlelake III closed in March 2014.
Investors in Castlelake IV include $16.7 billion Louisiana Teachers’ Retirement System, Baton Rouge.
Castlelake changed its name from TPG Credit Management in 2013.