Cheyne Capital Management raises €1bn

The UK-based alternative asset manager closes significantly oversubscribed fund at hard cap.

Cheyne Capital Management has closed the European Strategic Value Credit Fund at its hard cap of €1 billion. The fund, which was 40 percent oversubscribed, has an opportunistic strategy that seeks to capitalise on the accelerated sell-down of legacy mid-market corporate loans by European banks. It will acquire the debt of stressed mid-market businesses with average deal sizes of €10 million to €50 million.

A range of institutional investors committed to the fund came from the UK, mainland Europe, the Nordics, North America and the Middle East and included pensions, insurers, endowments, foundations and a sovereign wealth fund.  Texas County & District Retirement System committed $100 million to the fund in October last year.