Värde Partners launches Fund XI

Minneapolis-based Värde Partners specialises in credit, special situations and distressed investments across a variety of assets. 

Minneapolis-based Värde Partners has launched Värde Fund XI with an undisclosed target, according to US Securities and Exchange Commission documents filed Thursday.

A representative for Värde’s investor relations department could not be reached for comment at press time.

The firm’s previous funds invested in public and private US and international financial assets, including debt obligations and securities “that are inefficiently priced as a result of business, financial, market or legal uncertainties”, according to University of Michigan documents. The University of Michigan has invested $140 million in previous Värde funds.  

Värde’s 2008 and 2011 vintages both raised $2 billion, according to Private Equity International research and analytics data. Limited partners in those funds include the Minnesota State Board of Investment, the University of Michigan, the J. Paul Getty Trust and the William Penn Foundation.

Greg McMillan founded Värde in 1993 and maintains offices in Minneapolis, London and Singapore. McMillan retired in 2008. He still serves as an advisor to the firm.

Värde specialises in credit, distressed and special situations investments across a variety of assets, including corporate securities, consumer loans and obligations, structured securities, real estate and capital equipment.

In December, Värde acquired FirstCity Financial in a transaction valued at $224.9 million, including debt. The firm had jointly invested approximately $800 million with FirstCity in distressed assets over the last several years, according to a release.