Distressed debt investor Monarch Alternative Capital is reportedly targeting $850m for its third fund in a fundraise expected to “go quickly”.
The New York-based firm, which spun out of Quadrangle Group in 2008, is yet to officially begin marketing according to peHUB, which cited a person with knowledge of the fundraise.
It said the firm expected to hold a first close in the first quarter of 2014. Lazard is acting as a placement agent for the vehicle.
Monarch currently has about $5.5bn of assets under management according to its website, with $2.5bn of that pulled in over the past five years.
Glendon Capital Management was created by Barclays’ former head of distressed debt Matthew Barrett and colleagues in April this year according to Reuters, which cited two people with knowledge of the matter.
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