CarVal Investors closed its fourth credit fund, the $3 billion CVI Credit Value Fund IV, spokeswoman Ann Folkman said in an email.
The fund, which invests in undervalued opportunities, exceeded its $2 billion fundraising target and has "a strong focus on portfolios of whole loans coming out of the deleveraging of European banks, U.S. non-performing and reperforming loan portfolios, corporate securities in developed and emerging markets, structured credit securitizations, aviation, and other hard assets," according to a news release announcing the closing.
CVI Credit Value Fund III also closed at $3 billion in June 2015.
Investors include the $204.9 billion Florida State Board of Administration, Tallahassee; $92.4 billion Minnesota State Board of Investment, St. Paul; $72 billion Massachusetts Pension Reserves Investment Management Board, Boston; $8.7 billion New Hampshire Retirement System, Concord; and $5.4 billion Ventura County (Calif.) Employees' Retirement Association.
CarVal Investors has $10 billion in assets under management in credit and real estate strategies.