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Credit fundraising: November marks turning point as fund launches spike

November was always set to be an important month as the world awaited the US election outcome and the results of covid-19 vaccine trials. This did nothing to slow down fund managers, which launched 14 funds, achieved final close on three and raised over $9.4 billion just in time for Thanksgiving (in comparison, only four funds launched in September and five in October). Funds launched this last month hailed from across the globe; seven European-based managers, an Australian manager, an Asian-focused fund and a handful of US-based funds.

Select funds launched in November
Bridge Debt Strategies Fund IVBridgereal assets
Parliament Credit Opportunities Fund IIParliamentdirect lending
Ares Private Credit Solutions IIAresdirect lending
Schroder Adveq MPCFSchrodersmulti-strat
Corbel Distressed & Special Opportunities FundCorbeldistressed
NN Flex Trade FinanceNN Investmentdirect lending

Bridge Debt Strategies Fund IV was the only real estate debt fund to be launched in November. It invests in Freddie Mac K-Series B-pieces, first mortgage loans and has the ability to opportunistically invest in mezzanine loans, preferred equity and CMBS/CRE CLOs. The prior fund raised $1.625 billion, according to the firm in January.

Puerto Rico-based direct lender Parliament Capital Management launched Parliament Credit Opportunities Fund II this month. The firm is looking to raise $200 million for the second fund in the series. It will primarily invest in senior debt facilities extended to small and medium sized businesses across Puerto Rico and key Hispanic markets in the US. 

Ares Management has also hit the fundraising trail again, this time with Ares Private Credit Solutions II. The inaugural junior capital strategy launched in December 2017 and closed at $3.4 billion. The follow-up fund follows a similar route as Ares Private Credit Solutions, which invests in North American upper middle market companies above $75 million ebitda, in the form of second lien loans, mezzanine debt, private high yield and equity co-investment.

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