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.