SVP Global closes third special situations fund on $1.3 bln

Investment firm SVP Global has closed its third special situations fund on $1.3 billion, sweeping past its original $1 billion target.

The fund’s LP base includes unnamed investors from the U.S., Europe, Australia, the Middle East and Japan. Nearly 90 percent of the investors backed SVP Global’s previous funds.

As in the case of its predecessors, Strategic Value Special Situations Fund III will focus on middle-market distressed debt. However, unlike the firm’s previous funds, the pool is expected to invest more in Europe.

SVP Global’s Strategic Value Special Situations Fund II closed at $918 million in 2012, beating its $600 million target. No information was available about its returns.

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