Polus Capital Management has announced the final close of its Europe-focused special situations fund with €890m (£783.5m) in committed capital.
The investment manager stated that the fund has exceeded its original fundraising target of €750m, attracting a global investor base spanning North America, Europe, the Middle East and the Asia-Pacific.
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According to Polus Capital Management, the fund targets discounted secondary, market loans and bonds issued by companies with “solid fundamentals” and tangible assets that are temporarily under pressure, such as during restructurings or other corporate events, and where repricing and value recovery are likely.
“Polus believes the current and future market environment offers a compelling opportunity for local specialists who are able to source, analyse, execute, and manage complex special situations in European credit markets,” the manager said in an announcement on LinkedIn.
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Polus Capital Management currently has around $13.8bn of assets under management investing across leveraged credit, special situations and structured credit.
The news comes as Polus Capital Management announced the closing of its latest collateralised loan obligation, Cairn CLO XX, at €450m in September.
