Alternative investment firm Värde Partners, which counts non-bank lender Altico Capital India Ltd and Aditya Birla ARC Ltd as its local bets, has raised commitments worth $2.47 billion for its 13th flagship fund.
The Värde Fund XIII exceeded its $2 billion target, the firm said in a statement.
Värde co-founder and CEO George Hicks said the fund will have the flexibility to invest in both private and liquid markets, across capital structures and regions.
The investment firm expects the opportunity set to be driven by systemic distress factors, including where financial sectors retain high levels of bad loans, and cyclical opportunities associated with industry or economic downturns.
Ilfryn Carstairs, global co-chief investment officer at Värde, said there are several significant pockets of distress around the world today and the firm expects that opportunity to grow over the investment period of the fund.
“We have strategically built our right to play in markets where we can target the gaps left behind by traditional capital providers as they continue to retrench,” Carstairs said.
Jon Fox, partner and global head of business development and investor relations at the firm, said that the new fund was backed by both new and long-time investors.
Värde has previously raised capital for targeted investment strategies in Asia and Europe, and in mortgages, private debt, real estate, and specialty finance.
In India, the firm has been active in the stressed assets segment via Aditya Birla ARC. It also has a stake in Altico, which defaulted on a loan earlier this year.
Besides, Värde Partners had planned to pick up a stake in PNB Housing Finance Ltd, but terminated its agreement earlier this year.
Founded in 1993, the firm has invested more than $68 billion since inception and manages over $14 billion on behalf of its investors. The firm’s investments span corporate and traded credit, real estate and mortgages, private equity and direct lending. Värde employs more than 300 professionals across 13 offices worldwide, the firm said.