Global alternative investment firm Värde Partners raised about $400 million for its first dedicated Asia Credit Fund, exceeding its target of $250 million.
The vehicle – Värde Asia Credit Fund – hit the final close within six months, and has the ‘flexibility to invest across corporate credit, special situations lending and stressed and distressed real estate investments throughout Asia Pacific’, the firm said in a statement.
Värde, which manages about $14 billion in assets, has invested over $4 billion across 15 countries in Asia Pacific, and has more than 40 employees in the region with offices in Hong Kong, Mumbai, Singapore, Sydney and Tokyo.
“Asia presents a massive opportunity for Värde to provide flexible capital and restructuring expertise while delivering value to our investors around the world,” Ilfryn Carstairs, Partner and Global Co-Chief Investment Officer, who is based in Singapore, said in a statement.
“Since opening our regional headquarters in Singapore more than a decade ago, we have built institutional infrastructure in the region, thoughtfully expanded into new markets and hired local professionals in key areas of activity. This is an exciting milestone for the firm and we believe that Asia will be an increasingly important market for us in the years to come,” he added.
Jon Fox, a partner and global head of business development and investor relations, said: “The terrific response to the Värde Asia Credit Fund is a reflection of the compelling opportunity set and our deep experience in the region…We are thrilled to have both new and long-time investors join us in this fund.”
This portal had earlier reported that US state pension fund Texas Municipal Retirement System (TMRS) has committed $50 million to be invested in Asia through the Värde Asia Credit Fund.
Outside the Asia Credit Fund, Värde Partners, jointly with Indies Capital Partners, has built an investment platform targeting private debt opportunities across industries in Indonesia. The firm sees a huge opportunity to lend to Indonesian businesses and has been working with Indies Capital to grow its investments in Indonesia.
Earlier this year, Varde and India’s Aditya Birla Capital had launched a JV to invest about $1 billion in distressed assets in India. Värde has so far invested about $500 million in India in the past five years across corporate stressed, distressed, special situations and lending assets.