Hong Kong and Singapore-based Tor Investment Management on Tuesday announced the launch of its second Tor Asia Credit Opportunity Fund.
Initial capital commitments for Fund II total approximately $240 million from both new and existing investors in North America, Europe and Asia. Besides, all of Fund I’s limited partners committed to Fund II, the alternative credit platform said in a statement.
Fund II is targeting a total of $750 million to invest in customised private loans and distressed situations across Asia-Pacific, it said.
Since its inception in 2013, Tor Investment Management has deployed $3.1 billion to 88 private credit transactions of which more than half have been fully realised.
“We are thrilled with the support from our partners, both new and existing, particularly during these uncertain times,” said Tor Investment Management chief investment officer Patrik Edsparr. “Net inflows across our funds over the past seven months total around $750 million, providing us with ample dry powder during this compelling investing environment.”
“The fund will focus on directly originated private loans, especially situations created by Covid-19 related dislocations. Many traditional funding channels are closed or challenged and therefore we are seeing a variety of quality opportunities that allow for customized solutions, many of which are at a higher price point,” said portfolio manager Chris Mikosh.
Tor Investment Management is an independent alternative credit manager with over $2 billion under management across one evergreen and three closed-end funds. Its global institutional investor base includes public and corporate pension plans, sovereign wealth funds, endowments, foundations, outsourced CIOs and family offices.