400 Capital raises $1.39bn for latest asset-based private credit fund
400 Capital Management has closed its latest private credit fund with $1.39bn (£1.09bn) raised, beating its $1bn initial target.
The alternative credit asset manager said that the Asset Based Term Fund IV (ABTF IV) attracted strong support from institutional investors, including those looking for diversification from direct lending into asset-based private credit strategies.
400 Capital first launched its Asset Based Term Funds in 2017, investing in idiosyncratic credit opportunities across public and private credit markets in the US and Europe, primarily in the residential real estate, commercial real estate, consumer finance and specialty finance markets.
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“We were thrilled with the investor interest for ABTF IV, which is a testament to our longstanding performance in asset-based credit and the diversification benefits investors continue to recognize,” said Chris Hentemann, managing partner and chief investment officer at 400 Capital. “As the shifting regulatory environment and rapidly evolving economic landscape continues to drive new opportunities and market dislocations, we continue to exercise the strength of our platform and investment expertise that delivers value to investors seeking strong risk-adjusted returns through patient capital strategies.”
400 Capital specialises in asset-based credit strategies and has over $7.4bn of assets under management. The team consists of 70 professionals across offices in New York and London.
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