Connecticut-based Strategic Value Partners has closed its third special situations fund on $1.31 billion in aggregate commitments. Total investment capital for the strategy will be $1.56 billion including a $250 million capacity reserve for a fund of one LP relationship.
The fund was oversubscribed, beating its $1 billion target.
SVP declined to comment on fundraising.
SVP’s prior special situations fund closed on $918 million in 2010. Fund three will focus on the same strategy of pursuing distressed debt of middle-market companies and deep value opportunities around the world.
The fund is already 42 percent invested. Investments are expected to be more focused on Europe than previous funds.
The investor base includes almost 90 percent of investors in Fund II. Current SVP investments include toll roads in Indiana. Successful European distressed investments have included SolarWorld and Selecta.