Cheyne Capital Management closed its latest European fund, Cheyne European Strategic Value Credit Fund II, at its €1 billion ($1.2 billion) target, a spokeswoman confirmed.
The fund has a value-oriented, opportunistic focus on special situations and debt restructuring. It is also focused on providing capital to midmarket companies facing liquidity issues across sectors such as business process outsourcing, ground and cargo handling services, security solutions and food production. The fund applies ESG and engagement framework to its investments.
Among investors in the fund is the $40.7 billion Texas County & District Retirement System, Austin, which committed an additional $23 million in July from the fund's $1.1 billion distressed debt portfolio. The system initially committed $150 million to the fund in December 2020.
Predecessor fund Cheyne European Strategic Value Credit Fund I also closed at €1 billion in June 2019.