Balbec secures $465m for sixth fund

The firm has swiftly begun raising its latest vehicle after closing its fifth fund on $1.5bn last year.

US-based credit manager Balbec Capital has reached a first close for its sixth fund on $465 million, according to sources close to the firm.

The vehicle, InSolve Global Credit Fund VI will follow a similar strategy to its predecessor fund, which held a final close on $1.5 billion in the summer of 2022.

The fund invests in credit-sensitive assets including sub-performing and non-performing loan books consisting of consumer credit and mortgages.

The source said the fund has attracted a mix of new and existing investors and is expected to be Balbec’s largest fund to date when it reaches its final close. The fund expects to make hundreds of investments during its lifespan with ticket sizes of between $1 million and $100 million across 10 geographies.