Gramercy Funds Management closed the $1 billion Gramercy Distressed Opportunity Fund III, said a news release from the emerging markets money manager.
The opportunistic credit fund invests in dislocated and defaulted sovereign, quasi-sovereign and corporate debt and also targets opportunities that require capital solutions like direct loans, the news release said. The previous fund, Gramercy Distressed Opportunity Fund II, closed at $305 million in 2013.
Investors include the $11.4 billion New Mexico Educational Retirement Board, Santa Fe, and the $7.5 billion New Hampshire Retirement System, Concord.
Spokesman John Stavinga could not immediately provide further information.