Hayfin raises €2.2bn for latest strategy

The firm’s latest special opportunities fund has held a final close following another multi-billion raise earlier this year.

Hayfin Capital Management has held a final close for its latest special opportunities fund on €2.2 billion. The firm had previously held a first close on the fund on €700 million, according to PDI data.

According to a company announcement, Hayfin Special Opportunities Fund II attracted attention from both new and existing investors. It had a target of €1.5 billion, according to PDI data.

The offering out-raised its predecessor. The first iteration of the offering raised €989 million, according to PDI data. The fundraise comes on the back of another substantial final close for Hayfin earlier this year.

The firm held a final close on its European direct lending product in February, raising a total of €3.6 billion across the strategy. This year has also seen a significant amount of capital raised, with fundraising approaching near record levels for global private debt strategies, according to PDI’s provisional fundraising figures for H1 2017.

A spokesman for Hayfin declined to talk about the fund’s investing schedule and when it was likely to be fully invested. According to market sources familiar with special situations funds, an expected return on a strategy like Hayfin’s latest product would be between 15 and 20 percent IRR.