US buyout giant KKR has held a $2bn final close on a new distressed lending fund targeting North American, European and Asian businesses.
The firm’s co-head of special situations Jamie Weinstein told Bloomberg KKR saw most distressed debt and rescue lending opportunities in Europe, which is still suffering after-effects of the 2008 financial crisis.
He said the Special Situations Fund had already invested about 30 per cent of its capital since it began raising in 2012.
KKR collected $8.3bn for its latest flagship North American fund towards the end of last year, followed by completing a $1.5bn real estate fundraise.
Last month distressed debt investor Monarch Alternative Capital reportedly launched an $850m-targeting third fund in a fundraise it expected to “go quickly”.
The New York-based firm, which spun out of Quadrangle Group in 2008, expected to hold a first close in the first quarter of 2014 according to peHub.
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