Balbec Capital has closed its newest credit score fund with greater than $1.7bn (£1.37bn) dedicated, making it the corporate’s largest fundraise cycle up to now.
The Insolve World Credit score Fund VI was supported by each new and present purchasers, together with sovereign wealth, pension funds, insurance coverage corporations, consultants, and multi-family workplaces.
“The profitable closing of our sixth international flagship fund underscores the boldness each new and longstanding traders have in Balbec’s differentiated strategy, diligent funding course of, best-in-class know-how and analytics, and deep counterparty relationships throughout asset lessons,” mentioned Warren Spector, chairman of Balbec.
Learn extra: Ares direct lending fund attracts €2.2bn from wealth market
“During the last yr, we witnessed substantial demand for Balbec’s asset-based and specialty finance methods as traders appeared to diversify their portfolios.
“We anticipate this demand will persist and consider we’re well-positioned to proceed to fulfill traders’ allocation wants and to ship optimistic outcomes for our purchasers.”
Because it was based in 2010, Balbec has deployed greater than $23bn globally by its funds and funding automobiles, searching for to ship constant, risk-adjusted returns to traders and long-term companions throughout asset-based credit score methods.
The fifth iteration of the fund closed in 2022 with greater than $1.5bn in capital commitments.
“Balbec’s market alternative is increasing organically, however that we proceed to extend our market share in our extremely fragmented asset lessons,” mentioned Peter Troisi, companion and president of Balbec.
Learn extra: HSBC AM closes infra debt fund with $612m
“We have now already put a big quantity of capital to work throughout the US and Western Europe since launching the fund and are desirous to proceed executing on the substantial pipeline of alternatives we have now recognized in these areas.
“We’re grateful to our traders for his or her continued help and confidence.”
The Insolve World Credit score Fund VI has a portfolio of diversified investments consisting primarily of amortising monetary property, together with residential and business mortgage loans, client NPLs and restructured cost plans, mortgage servicing rights, and associated credit score property with engaging risk-return profiles.
Balbec specialises in excessive barrier to entry markets, the place it may leverage its comparative benefits in sourcing, asset administration, capital markets and proprietary know-how to capitalise on alternatives that drive distinctive outcomes for traders. To this point, the fund has known as 51 per cent of capital commitments.
Learn extra: Heitman closes third actual property debt fund with $800m