GoldenTree Asset Management raises $1.7bn

The New York-based asset manager held a final close of its third distressed debt fund.

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GoldenTree Asset Management closed its third debt fund, GoldenTree Distressed Fund III, at $1.7 billion. The global vehicle raised the same amount of capital as its predecessors, Distressed Fund I and Distressed Fund II, which together raised a total of $1.7 billion.

Fund investors include over 90 corporate and public pension funds, family offices, sovereign wealth funds and insurance companies across Europe, North America, Asia Pacific and the Middle East. About half of investors also committed capital to previous funds in the series.

GoldenTree currently manages around $30 billion in assets. The firm, which was founded in 2000, focuses on diversified credit opportunities throughout the world.