Monarch Alternative Capital has closed the sixth iteration of its opportunistic credit fund with more than $4.7bn (£3.54bn).

The fund had a $3.5bn target, which was exceeded due to “robust investor support and vast investment opportunities in the opportunistic credit and real estate markets,” the firm said.

Monarch Capital Partners VI (MCP VI) attracted funding from both existing and new investors across different geographies and channels.

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“We are profoundly grateful for the continued trust and commitment from our long-standing investors, and excited to welcome many new partners to the fund,” said Stacey Maman, chief strategy officer and global head of client partnerships at Monarch.

“In our view, their confidence in Monarch’s strategy and leadership is a testament to our consistency, discipline, and ability to deliver value to our partners across changing markets.

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“The current landscape presents immense opportunities, and Monarch’s expertise in sourcing compelling investments and unlocking value in complex situations positions us to achieve our investment objectives for MCP VI.”

The fund has already invested more than $3.5bn. It aims to “capitalise on complexity and dislocation across various areas of opportunistic credit and real estate”.

This includes investing in corporate loans and bonds, capital solutions, real estate lending, structured credit, and other areas.

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