CarVal Investors has completed the final close of CVI Credit Value Fund III (CVF III) with USD3 billion in commitments. The fund is investing in undervalued opportunities with a strong focus on portfolios of whole loans coming out of the deleveraging of European banks.
The Fund will also invest in corporate securities, liquidation claims and structured credit.
The Fund has 83 institutional investors, including Cargill and a diverse range of public and private pension plans, endowments, foundations, family offices and corporate investors.
“We were very pleased with the strong reception to our latest credit offering and value the trust our investors have placed in us,” says John Brice, president and chief investment officer of CarVal Investors. “CVF III is carrying forward a similar investment strategy as CVI Credit Value Funds I and II, investing across our core credit strategies or ‘four boxes’ of loan portfolios, corporate securities, liquidations and structured credit. However, given the continuing opportunities in European deleveraging, CVF III is more heavily weighted in loan portfolios out of the gate. We expect to balance this with corporate securities and structured credit opportunities during the second half of the investment period as the recovery ends and the dislocation of the next market cycle begins.”
