Black Diamond has raised just over $653 million for its latest fund, according to new regulatory filings. The fund has a target of $900 million and was rumored to be out of the market, but held a first close on $309.75 million at the end of last year.
Known investors in the fund include the Ohio Police & Fire Pension Fund which made a $40 million commitment in October of last year.
Black Diamond’s previous Opportunity Fund closed on $800 million in 2011. The funds focus on distressed private equity investments, largely in North America.
Credit Suisse is acting as placement agent for the fund.
As PEI reported earlier this week, Black Diamond recently lost senior managing director Christopher Boyle. The former Blackstone executive joined the firm in 2006.
In a separate court ruling handed down today, The New York Court of Appeals reversed a 2013 ruling that would have required Barclays to return some $300 million in collateral to Black Diamond over a swap deal. Black Diamond filed a lawsuit against Barclays in 2008 claiming it defaulted on a $40 million collateral call during the financial crisis, and a lower court sided with the asset manager. The Appeals Court held today that it was unclear whether Barclays failed to follow procedure in the matter and sent the case back down to a lower court.
The court also sided with Black Diamond on one issue by denying Barclays’ counterclaim that Black Diamond failed to meet two other collateral calls from the bank.
The case is BDC Finance Llc v. Barclays Bank Plc, New York State Court of Appeals No. 5.