Distressed debt manager Strategic Value Partners (SVP) is reportedly looking to raise $1bn for its new fund.
The fund will focus on investments in debt securities of middle market businesses with enterprise values of below $1.5bn, said Dow Jones, citing a person familiar with the offering.
SVP’s’ previous fund was closed on $918m in 2012, three years after the firm gathered $346m for its first fund.
The firm has now invested 72 per cent of the second fund, said the source.
In the meantime, SVP is reportedly looking to sell plastic film maker Kloeckner Pentaplast to other private equity firms a year after Blackstone ceded control of the then debt-heavy business.
SVP and a consortium of junior lenders picked up Kloeckner Pentaplast in 2012 in a deal which would see the group have to repay the company’s existing €800m of senior debt at par plus accruals.
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