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400 Capital Management closes third private credit fund with $580m of committed capital

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400 Capital Management, an alternative credit asset manager specialising in structured credit with over $5.7 billion of capital under management, has held the final close of its Asset Based Term Fund III with $580 million of committed capital.

400 Capital Management, an alternative credit asset manager specialising in structured credit with over $5.7 billion of capital under management, has held the final close of its Asset Based Term Fund III (ABTF III) with $580 million of committed capital.

The close of ABTF III follows the firm’s successful launch of ABTF II in 2019, which closed with over $430 million in August 2020. Previously, ABTF I, which was launched in 2017, raised over $200 million and is fully invested and returning capital to investors. 

ABTF III invests in illiquid 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 specialtiy finance markets. The strategy aims to take advantage of the market dislocation in structured products that has produced significant liquidity premiums across a wide variety of asset classes, US and European bank and GSE risk transfer solutions, specialty finance opportunities where regulated institutions do not participate and European bank deleveraging.

400 Capital Management has offered a diversified approach to structured credit investments since its inception in 2008. The firm manages structured credit assets across comingled funds, separately managed accounts and private credit portfolios.

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