Bardin Hill secures $600m for opportunistic credit

The fund was launched following the outbreak of the covid-19 pandemic and will look for niche credit investments.

New York-based Bardin Hill Investment Partners has raised $600 million to invest in distressed and special situations credit.

Bardin Hill Opportunistic Credit Fund was launched in April 2020 with a parallel side-car vehicle and has held a final close on $600 million. The fund was backed by global institutional investors with a majority being new investors in Bardin Hill funds.

The fund strategy will seek out stressed, distressed, process-driven and special situations investments correlated to global debt and equity markets. It will look for control-oriented opportunities in small and medium-sized capital structures.

Jason Dillow, chief executive officer and chief investment officer at Bardin Hill, said: “We remain confident about our portfolio construction and our ability to structure unique financing solutions for companies during a period of unprecedented economic challenge.”

Sources close to the situation said the fund has already invested 70 percent of its capital and has delivered an annualised net IRR of over 45 percent through 2020.