OCP Asia has launched the third fund, targeting $500 million, for its senior secured debt strategy across Asia Pacific, according to two market sources familiar with the matter.
The latest fund, Orchard Landmark III, is the second closed-ended private credit fund.
It mainly targets senior secured loans to small- and medium-sized companies in the region.
Its predecessor, Orchard Landmark II, is seeking an unlevered return of 20 to 25 percent with a typical ticket size of investments ranging from $40 million to $70 million, as per reporting by PDI.
PDI understands that the manager expects to hold a first close by the end of March 2018.
OCP Asia had assets under management of $1.6 billion at the end of 2017.
OCP Asia had raised capital from more than 30 investors for its Orchard Landmark series as of January 2017, as per an SEC filing.
Existing investors are known to include the Montana Board of Investments and the Orange County Employee Retirement System (OCERS), as per reporting by PDI.
OCP Asia, a spin-out from Stark Investments, is a credit-oriented investment manager providing customised financial solutions to small and mid-sized enterprises.
Among other private credit vehicles that have exposure to corporate senior debt loan strategies across the region are: Clearwater ICPL Co-Investment Fund; CITIC Capital China Opportunities; SSG Secured Lending Opportunities I and II; and Topaz Private Debt I, according to PDI data.
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