Kennedy Lewis launches third opportunistic credit fund with $4.1bn
Alternative credit manager Kennedy Lewis has launched its third opportunistic flagship fund with $4.1bn (£3.35bn), after setting an initial target of $3bn.
Fund III follows an all-weather strategy which focuses on scalable businesses in sectors including life sciences, power, media, and homebuilder finance.
To date, investors include a range of pension funds, insurers, sovereign wealth funds, foundations and endowments from the US, Europe and the Middle East.
“We are pleased and humbled to see such strong interest in Fund III,” said David K. Chene, Kennedy Lewis co-founder and co-managing partner.
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“Our go-anywhere approach, which leans into disruption and complexity, offers investors a differentiated return stream compared to more narrowly constructed credit offerings and we believe our track record across market cycles demonstrates its benefits for clients.”
The fund will focus primarily on non-sponsored borrowers which have attributes that make them countercyclical or less correlated to broader markets.
Kennedy Lewis will tap its experience in sectors such as media and communications and life sciences to seek new opportunities, while also considering tactical opportunities which can deliver value for investors. Fund III is also able to invest in liquid instruments and across the capital structure.
“We appreciate the support from our global investor base and look forward to continuing to work diligently to invest their capital and help them achieve their investment goals,” added Darren L. Richman, Kennedy Lewis co-founder and co-managing partner.
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“At the same time, we are proud of the value we bring to borrowers, many of whom address large market needs such as power generation and addressing the undersupply of housing in the US, through our partnership-oriented approach to crafting capital solutions tailored to their unique circumstances.”
Approximately 50 per cent of the fund has been deployed to date, and the firm said that it is currently “pursuing a range of compelling opportunities across its verticals.”
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