Launches & Closures

CarVal raises $1.1 billion for new credit fund

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Minnesota, Florida pensions among early investors in the hybrid hedge-PE fund.

 
John Brice (Photo: CarVal)
CarVal Investors, the $8 billion Hopkins, Minn. distressed and credit fund manager, has made an initial close of a new hybrid hedge and private equity fund at $1.1 billion, according to a person familiar with the situation.

The firm started marketing the CVI Credit Value Fund II in March 2012 and attracted large allocations from at least two public pensions. The Florida State Board of Administration committed $200 million and the Minnesota State Board of Investment committed $150 million. Agricultural giant Cargill, CarVal's owner, is another large investor. The firm