Varde Partners has raised $422.9 million to date for its Varde Mortgage Fund II, per a SEC filing. The Minneapolis-headquartered firm has set a $750 million target and began fundraising in 2016. The SEC filing did not disclose whether the capital raise constituted a final or interim close.
Its previous fund raised $499 million in 2015.
The fund will target distressed debt opportunities in a diverse number of sectors in North America.