GoldenTree Asset Management has closed its $1.7 billion GoldenTree Distressed Fund III, a spokeswoman said in an email.
The fund focuses primarily on global distressed opportunities in midcap and large-cap companies. The previous fund, GoldenTree Distressed Fund II, closed at $1.15 billion in 2014. Fundraising targets were not disclosed.
Investors include the $14.2 billion Ohio School Employees Retirement System, Columbus; the $10.4 billion Louisiana State Employees' Retirement System, Baton Rouge; the $4.9 billion Boston Retirement System; the $2.9 billion San Antonio Fire & Police Pension Fund; and the Memphis (Tenn.) Light, Gas & Water Division's $1.4 billion defined benefit plan.