Strategic Value Partners closed its latest middle-market special situations fund, Strategic Value Special Situations Fund V, at its $5 billion hard cap, after three months of fundraising.
The fund focuses on distressed debt, event-driven investments, special situations and private equity investments, according to a news release Tuesday.
It is 75% larger than its predecessor, Strategic Value Special Situations Fund IV, which closed in April 2018 at its $2.85 billion hard cap. The firm also closed Strategic Value Dislocation Fund, an event-driven and special situations credit fund, at $1.7 billion in October.
Investors in Strategic Value Special Situations Fund V include New Jersey Division of Investment, which invests on behalf of the $90.7 billion New Jersey Pension Fund, Trenton; $17.4 billion Ohio School Employees Retirement System, Columbus; $14.9 billion Kentucky Public Pensions Authority, Frankfort; $10.3 billion District of Columbia Retirement Board, Washington; $5.5 billion San Mateo County Employees' Retirement Association, Redwood City, Calif.; and $2.7 billion Stanislaus County Employees' Retirement Association, Modesto, Calif.