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Raven Raises $834MM for Credit Fund II Focused on Asset-based Loans

November 22, 2022, 07:58 AM
Filed Under: Private Equity News

Raven Capital Management ("Raven"), an alternative investment management firm, announced the successful completion of the fundraising of Raven Asset-Based Credit Fund II LP and related vehicles, raising total investible capital of $834 million. In addition to the closed-end vehicle, Raven has launched an evergreen sleeve, Raven Evergreen Credit Fund II LP, which will continue to fundraise and invest in perpetuity alongside Raven Asset-Based Credit Fund II LP. Raven's private credit strategy focuses on non-sponsor, senior secured loans with an asset-based focus across North America. The capital raise for the Credit Fund II franchise surpassed Raven's target of $500 million, reflecting the performance and differentiation of Raven's private credit platform.

Off the success of the $288 million Raven Asset-Based Credit Fund I LP, which beat its target returns and deployed $1.3bn of capital, Raven's differentiated strategy has been well-received, with strong support from existing and new investors. The recent fundraise brings the firm's assets under management to over $2.0 billion and the Credit Fund II franchise has already deployed over 75% of the capital raised to date.

Dimitri Cohen, Principal, Portfolio Manager & Head of Credit at Raven, said: "We are thrilled with the successful outcome of the fundraise for our Credit Fund II franchise. We are truly appreciative of our investors for their partnership in our investment strategy and team. We have developed a leading and differentiated private credit platform due to a focus on non-sponsor-backed direct origination, the inclusion of robust covenants and a highly skilled and fundamentally trained investment team. Our transactions are unlevered, performing and pay current income from floating interest rates. We will continue to strive to deliver strong risk-adjusted returns while always focusing on capital preservation, which is underpinned by our unique and relationship-driven sourcing and rigorous underwriting process, in order to bring value to our investors. With the uncertainty in the capital markets growing and the rising rate environment firmly upon us, the need for our solution focused capital is greater than ever."

Raven is an institutional alternative asset manager that invests across credit, private equity, real estate and related growth equity. Founded by Josh Green in 2008, Raven has provided businesses and asset owners with innovative capital solutions and has deployed billions of dollars across its platform. Raven aligns its unique approach to investing and industry-specific expertise with our clients and the businesses in which we invest. As of September 30, 2022, Raven had over $2.0 billion of assets under management.

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