(Bloomberg) -- Monarch Alternative Capital, an asset manager specializing in distressed debt, said it closed a $4.7 billion opportunistic credit fund, exceeding its target of $3.5 billion.
The fund, focused on corporate loans and bonds, capital solutions, real estate lending, and structured credit, already has invested more than $3.5 billion, the company said in a statement on Tuesday. It’s the sixth closed-end fund from Monarch, which has over $15 billion in assets under management.
“Monarch’s expertise in sourcing compelling investments and unlocking value in complex situations positions us to achieve our investment objectives,” Stacey Maman, chief strategy officer and global head of client partnerships at Monarch, said in the statement.
Higher interest rates have strained corporate balance sheets for risky borrowers. That’s led to increased restructuring activity, including liability management exchanges, where creditors are pitted against each other to raise new financing for borrowers.
Monarch recently participated in a private credit deal to support Sweet Oak’s acquisition of Whole Earth Brands Inc., Bloomberg reported. It also supplied new equity and debt financing for cloud computing and networking provider ConvergeOne’s restructuring plan.
©2024 Bloomberg L.P.
