Varde Partners has raised $1.7 billion for its Varde Fund XII, per a SEC filing. The Minneapolis-headquartered firm began fundraising in 2015 with an undisclosed target.
Its previous fund raised $2 billion in 2014.
Investors that committed to Varde Fund XII include the Florida State Board of Administration (SBA).
The fund will target distressed debt opportunities in a diverse number of sectors in North America and Europe.