Strategic Value Raises $918 Million Distressed-Debt Fund
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Strategic Value Partners LLC, the hedge fund founded by Merrill Lynch & Co. veteran Victor Khosla, said it raised $918 million from a distressed-debt fund to invest in underperforming assets.
The Strategic Value Special Situations Fund II closed earlier this week at 53 percent above its original target of $600 million, the Greenwich, Connecticut-based asset manager said in a statement today. The fund will focus on distressed assets in Europe, after drawing investors from the region, the U.S., Australia, the Middle East and Japan.