GA Credit’s Flagship Fund Hits $2.1 Billion First Close

General Atlantic Credit has hit a $2.1 billion first close for its latest opportunistic credit fund, according to people with knowledge of the matter, in the latest sign that the prolonged higher-rate environment is pushing companies to seek more creative ways to raise capital.

Atlantic Park Strategic Capital Fund III is the third vintage of the private credit firm’s flagship strategy, which attempts to uncover off-piste investment opportunities that can potentially offer higher returns. A recent example is the $425 million preferred-equity deal it led last year for Buyers Edge Platform, a company that reduces prices in the food-services industry by collectively negotiating on behalf of independent restaurants, convenience stores and large chains.