Barakett-Backed Stabilis Raises $540 Million for Distressed Fund

Stabilis Capital Management, backed by the family office of former hedge fund manager Timothy Barakett, has raised $540 million for distressed investments.

Stabilis, started by Salman Khan in 2010, will invest in debt secured by hard assets including real estate, and other opportunistic deals, according to a statement on Wednesday from the New York-based firm. The fund, the firm’s fourth, will focus on the U.S. and may also invest in Northern Europe.