Investment firm Strategic Value Partners (SVP) is reportedly nearing the $1bn target for its third distressed debt and turnaround fund.
The firm, which was launched by former Merrill Lynch executive Victor Khosla in 2001, has secured $900m, a person with knowledge of the situation told Dow Jones.
SVP currently has assets of around $5bn across its hedge and private equity funds.
The firm acquires stakes in mid-market businesses that give it significant influence or control.
Last October AltAssets reported that Strategic Value Partners was reportedly looking to raise $1bn for a new fund.
SVP’s recent deals include the sale of paste PVC manufacturer Vestolit to petrochemical company Mexichem for €219m cash and assumed liabilities.
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