Varde Partners raises $1.7bn

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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.