CVC Credit Partners raises $1.42bn

The dedicated credit arm of CVC closes second global special situations fund above target.

CVC Credit Partners has closed the Global Special Situations Fund II above its $1 billion target, at $1.42 billion. The vehicle will invest in stressed and distressed debt in Europe and North America. It will primarily look to acquire senior secured debt from issuers that are undervalued with respect to enterprise value or cashflow.

The fund will continue the strategy of its predecessor vehicle which closed in June 2016 at $726 million.

CVC said the fund has a mix of returning and new investors, including pension funds, insurance companies, funds of funds, foundations, endowments and family offices. It added that the investors in the vehicle were based across the Americas, Europe, the Middle East and Asia.