Solace will distress-for-control and special-situation private equity investments, according to Dow Jones.
The firm is led by managing partners Vincent Cebula and Christopher Brothers, pictured, who previously worked for investment firm Oaktree Capital Management.
Oaktree has just closed $2.3bn for its latest real estate opportunities fund, beating its initial $1.5bn target.
The firm also revealed that it had pulled in more than $450m for its Emerging Markets Opportunity fund, while a close for its European Private Debt strategy last month brought capital commitments to $753m.
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