CarVal Investors closed its fifth credit fund, the $3.6 billion CVI Credit Value Fund V.
The fund exceeded its fundraising target of $3 billion, a spokesman said in an email.
The previous fund, CVI Credit Value Fund IV, closed at $3 billion in 2018, above its $2 billion fundraising target.
Fund V is "focused on identifying distressed and credit-intensive assets within its core strategies of loan portfolios, corporate securities, structured credit and hard assets," a news release said Thursday.
Investors include the $245.8 billion Florida State Board of Administration, Tallahassee; $116.9 billion Minnesota State Board of Investment, St. Paul; $65.5 billion Maryland State Retirement & Pension System, Baltimore; $10.3 billion New Hampshire Retirement System, Concord; $7.1 billion Ventura County (Calif.) Employees' Retirement Association; and $3.3 billion Baltimore City Fire & Police Retirement System.