CVC Credit Partners Raises €650M For New European Distressed Debt Fund

Jun 30 2016 | 9:01pm ET

Alternative investment manager CVC Credit Partners has held a final close for its new distressed credit fund that will focus predominately on European corporate credit opportunities, raising a total of €2.5 billion for the strategy. 

The new fund, named the Global Special Situations Fund, received strong backing from both new and existing investors, the company said, and exceeded its €600 million fund target. Investors in North America, Latin America, Asia, Europe and the Middle East committed €650 million, which when added to the €1.86 billion already committed to the strategy via SMAs and the company’s other vehicles, brings total commitments to special situations and stressed credit opportunities to more than €2.5 billion. 

"We're very pleased that we were able to attract a diverse mix of investors to our credit opportunities and special situations strategiesm,” said Steve Hickey, managing partner and CIO of CVC Credit Partners, in a statement. 

"We believe the structural changes across the European banking landscape, potentially impacted by the recent UK referendum result, have created attractive investment opportunities for disciplined investors like ourselves,” added Mark DeNatale, partner and global head of special situations for CVC. “We look forward to investing further in the space, delivering consistent value for our investors."

CVC Credit Partners is the credit management business of CVC. Formed through a merger of predecessor firms that date back to 2005 and supported by a team of 38 dedicated investment professionals, CVC Credit Partners is a global credit asset manager with offices in the U.S. and U.K. and $14.4 billion assets under management as of March 31, 2016. In addition to the credit opportunities and special situations strategies, the firm operates performing credit and private debt strategies.


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