Strategic Value Partners is reopening its flagship Strategic Value Restructuring Fund to take in another $1 billion in fresh capital.
The restructuring fund now manages between $2.5 and $3.5 billion. With even more capital, the credit fund may be better equipped to take advantage of new and less liquid opportunities both domestically and overseas. Some of these opportunities could lead to the introduction of side pockets.
The move comes at a time when a number of distressed-debt players, squeezed for attractive opportunities, are turning to less liquid plays. David Tepper's $5.3 billion Appaloosa Management, for example, opened its doors