Balbec Capital raises $727m

The Arizona-headquartered distressed credit investor closes its largest institutional vehicle.

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Arizona-headquartered insolvency investor Balbec Capital closed its third global credit fund, InSolve Global Credit Fund III, at $727 million.

Fund III, Balbec’s largest vehicle in its eight-year history, will continue to target distressed opportunities globally in which borrowers or assets are undergoing insolvency proceeding, bankruptcies, or other liquidation events. According to the firm’s press release, over $400 million of the fund’s equity has already been committed to transactions.

The previous fund in the series, IGCF II, closed on $629 million in July 2015.