Minneapolis-based distressed debt investor Värde Partners has reportedly raised nearly half of its $2bn fund.
Värde Fund XI has gathered $900m through a series of rolling closes after four months on the road according to Dow Jones, citing a person familiar with the situation.
Last month AltAssets reported that the fund had secured a $200m commitment from Minnesota State Board of Investment (SBI).
The firm’s previous vehicle was closed on just over $2bn in June 2011, beating its $1.7bn target.
That total included a $22.5m commitment from SBI.
In addition to its headquarters in Minneapolis, Värde has offices in London and Singapore.
It invests in various assets including corporate securities, loans and real estate.
Copyright © 2013 AltAssets