Balbec Capital raises $1.2B distressed-debt fund
Balbec Capital, an alternative manager specializing in sourcing and investing in bankrupt and insolvent credit, has closed its fourth investment opportunity fund focused on distressed loans.
The $1.2 billion InSolve Global Credit Fund IV will pursue a subset of the alternative asset manager’s specialty in non-performing distressed loans, including those in insolvency, restructuring or liquidation, according to a company release.
The fund exceeded its initial target raise of $1 billion, and joins a coterie of other alternative asset and private-equity firms seeking to take advantage of mounting distressed consumer and small-medium enterprise debt impacted by the coronavirus outbreak.
Balbec received “significant backing” from current Balbec clients, according to a release.
“We expect the pipeline of opportunities to remain robust as we look to build upon our track record of successfully investing across market cycles,” said Charles Rusbasan, Balbec’s founding partner and chief executive officer, in a statement.
Founded in 2010, Balbec has invested over $5.2 billion across more than 300 transactions in 19 countries, according to the company. The company has $2.4 billion in assets under management, specializing in
The new credit fund in the company’s largest to date. The predecessor InSolve Global Credit Fund III closed in 2018 with $727 million of capital commitments. Earlier vehicles were InSolve Global Credit Fund II and InSolve Global Credit Fund I, which closed at $629 million in 2015 and $143 million in 2012, respectively.