Victory Park Capital has held a final close of its Asset Backed Opportunistic Credit Strategy on $2.4 billion. The closing, which included separately managed accounts investing alongside the fund, was oversubscribed.
Victory Park declined to comment, but the fund “significantly exceeded its target”, Jeff Schneider, chief operating officer and partner, said in a statement. That reflected strong investor appetite for Victory Park’s “deep asset class expertise, agile investing acumen and culture of risk management”. He said that investable capital in the strategy is more than 50 percent deployed, “with an exciting pipeline ahead”. The fund was launched in March 2021 with a target of $750 million, per Private Debt Investor data.
The strategy seeks to provide private, customised credit solutions to established and emerging asset-rich companies in the US and abroad, the statement said, adding that the fund targets companies with strong growth trajectories and across select investment verticals. The fund also leverages Victory Park’s longstanding relationships and proprietary channels to source compelling transactions, and is often the sole lender, according to the statement.
Limited partners included pension funds, financial institutions, insurance companies, endowments, healthcare services, family offices and other institutional investors. In addition to those commitments, the fund secured a term credit facility to “strategically complement” its investable capital.
Victory Park, headquartered in Chicago, is a global alternative investment firm that provides capital to emerging and established businesses in the US and abroad. According to a filing, the firm had $4.2 billion of assets under management as of 29 March 2022.