CVC Credit holds $1.42bn final close for GSS II

The total amount raised is around 40% above the fund's original target of $1bn and almost double the $726m raised for its predecessor.

Investors
Commitments to the vehicle came from new and existing investors, including pension funds, insurance companies, funds-of-funds, foundations, endowments and family offices. LPs hail from across the Americas, Europe, the Middle East and Asia. According to Unquote Data, Canada Pension Plan Investment Board and New York State Common Retirement Fund have committed €250m and €200m respectively to the fund.

Investments
GSS II will follow a similar approach to its predecessor in making credit investments, primarily targeting the purchase of senior secured debt, in stressed and distressed businesses across Europe and North America. The vehicle has made nine investments to date and is around 10% deployed, according to a statement.

People
CVC Credit Partners – Mark DeNatale (global head of special situations); Hamish Buckland (chairperson).

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