Glendon Capital raises $2.5bn

The Los Angeles-based firm more than doubles size of predecessor vehicle

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Glendon Capital Management closed its second institutional fund at a hard cap of $2.5 billion.

Glendon Opportunities Fund II will continue the firm’s strategy of investing in special situations and distressed debt. Investors in this fund include the Ohio Police & Fire Pension Fund, the Los Angeles City Employees’ Retirement System (LACERS) and the Pennsylvania State Employees’ Retirement System.

The Los Angeles-based firm’s predecessor vehicle, Glendon Opportunities Fund I, raised $1.1 billion in 2014.