Värde Partners raises $400m for Asia Credit Fund, exceeds target by 60%

The Marina Bay Sands hotel and casino stands in Singapore, on Thursday, Feb. 18, 2016. Photographer: SeongJoon Cho/Bloomberg

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.

Also Read:

Värde Partners, Indies Capital to jointly target Indonesia debt opportunities

Texas Municipal Retirement System commits $50m to Värde Asia Credit Fund

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.