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CVC Credit Partners Closes Second Global Special Situations Fund

June 25, 2019, 08:00 AM
Filed Under: Industry News

CVC Credit Partners announced the final close of Global Special Situations Fund II (the "Fund" or "GSS II") with total capital commitments of $1.42 billion raised within 8 months, surpassing its original target of $1.0 billion as outlined further in the attached press release. The Fund represents the continuation of the successful track record of its predecessor fund, GSS I.  In aggregate with other investment vehicles across the platform, CVC Credit Partners now manages over $4.6 billion dedicated to stressed and distressed credit investments.

GSS II follows on from the success of the first fund, which raised $726 million in June 2016. Investors in GSS II comprise of a mix of returning and new investors representing a broad global base of private capital sources including pension funds, insurance companies, fund of funds, foundations, endowments and family offices across the Americas, Europe, Middle East and Asia.

The Fund will invest in stressed and distressed debt situations across Europe and North America, primarily through the purchase of senior secured debt in issuers that will typically be undervalued with respect to enterprise value or cash flow valuation. Since 2014, the Investment Team has invested in over 110 distressed issuers, and since January, GSS II has already made 9 investments and is over 10% invested.

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