Oak Hill Advisors said it held the final closing of its European distressed debt and restructuring fund, hitting its cap of $1.35 billion.

The OHA European Strategic Credit Fund focuses on distressed debt and corporate restructurings in Europe. It was initially targeted at $750 million and is the firm’s first European distressed investment vehicle.

The fund’s limited partners include sovereign wealth funds, corporate and public pensions, endowments, foundations, insurance companies and family offices. The firm tapped both new and existing limited partners.

Portfolio Manager Scott Krase said in a statement that the fund highlights the firm’s confidence in the quality of European distressed debt. Portfolio Manager Alexandra Jung said in the statement that the firm is partnering with many experienced investors in its distressed investment effort.

The New York and London-based firm announced in April that Doug Henderson joined the firm as a partner based in London. Henderson heads the firm’s European performing credit business and has worked to improve its distressed business.

Morgan Stanley priced a $622 million collateralized loan obligation for Oak Hill in April. The deal, OHA Credit Partners VI, included a $399 million triple-A rated tranche that priced at Libor plus 132 bps.

Oak Hill Advisors has more than $15 billion in capital under management and focuses in investing in leveraged loans, high yield bonds, structured products, distressed securities and turnaround investments in the North American and European markets.

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