Atalaya Capital Management recently held a first close on its third asset income fund, PDI understands. The Atalaya Asset Income Fund III, which is gathering a total of $500 million, has collected $300 million so far, putting it about two thirds of the way toward its goal. Fundraising for the strategy began in February and should be complete by September, PDI has learnt.
Atalaya declined to comment on fundraising.
The asset income strategy at Atalaya is an offshoot of the firm’s flagship special opportunities funds, which target specialty finance companies, real estate debt and corporate credit. The asset income fund series invests specifically in loans to specialty finance companies. The strategy involves originating senior asset-based loans and purchasing whole loans from specialty finance companies in the US. The fund series invests in a range of consumer and commercial sectors, according to Atalaya’s website.
Atalaya also held a final close on its Atalaya Special Opportunities Fund VI at the end of March. That vehicle raised $800 million, beating its $750 million target. At the time, chief investment officer Ivan Zinn (pictured) said the firm has been committing more money to the real estate and financial assets sleeves, rather than corporate credit. The Florida State Board of Administration is an investor in the fund, according to PDI Research & Analytics.
New York-based Atalaya focuses on special situations and credit investing through private equity-style funds. The firm targets real estate, specialty finance, and corporate opportunities. It has about $2 billion in assets under management.