CarVal Investors has raised $2.36 billion to date for its CVI Credit Value Fund IV, surpassing its original $2 billion target, according to a filing with the Securities and Exchange Commission. The firm has set a $3 billion hard-cap for the fund.
Investors of the fund include Massachusetts Pension Reserves Investment Management Board, New Hampshire Retirement System and City of Manchester Employees’ Contributory Retirement System (MECRS).
The fund’s predecessor vehicle raised $3.04 billion in 2015.
The firm will use the capital from Fund IV to invest in distressed debt in Europe and the US, and a small portion to emerging markets.