fundraising

The firm expects to meet its $300m target after its offshore vehicle closes, a source said.

A new report from bfinance predicts capital raised by credit fund managers may grow this year on the back of an increase in distressed and opportunistic approaches.

Harwood Private Capital has received £35m from British Business Investments and is aiming to post a final close by the end of the year.

The London-based manager has been given an additional €115m for an open-ended fund that typically targets up to 6% but is aiming for up to 9% in the current environment.

The private capital manager is ramping up its Asia-Pacific credit business by raising new capital and hiring a senior executive.

Frankfurt-based lending platform creditshelf has raised €62m, anchored by the European Investment Fund, as it seeks a final amount of €150m.

The London-based pan-European manager has already made several investments from the fund, which has a final closing target of up to €2bn.

The firm is on track to amass at least $3bn when it closes its two credit strategies this summer, which will invest in senior and mezzanine debt.

The pressures of covid-19 have turned lending into a stressed opportunity for fund managers keen to dictate realistic terms with borrowers.

While the overall outlook for 2020 is negative, there are sharp variations depending on manager strategy.