SVPGlobal closes SVSS V at USD 5bn hard-cap

SVSS V closed three months following its first close, with the fund being raised almost entirely virtually, the firm said. The vehicle went on to exceed its USD 4bn; it is also larger than its predecessor, SVSS IV, which closed in April 2018 at the hard-cap of USD 2.85bn.

Following the fundraise, SVPGlobal's AUM has grown from around USD 7bn in 2020 to more than USD 17.5bn currently. The firm deployed USD 4bn in 2020 and USD 3.5bn in the first half of 2021.

In terms of performance, SVSS I (2008) has a net IRR/net MOIC of 16.0%/2.1x; SVSS II (2010) has a net IRR/net MOIC of 14.7%/2.1x; SVSS III (2013) has a net IRR/net MOIC of 16.0%/2.2x; and SVSS IV (2017) has a net IRR/net MOIC of 31.9%/1.6x to date.

Investors
SVPGlobal experienced a good re-up rate, with around 85% of Fund 4 investors committing to Fund 5. New investors include state pension funds and sovereign wealth funds.

Investments
Like its predecessor Special Situations funds, SVSS V is focused on restructurings, event-driven investments, special situations and trading-oriented opportunities in North America and Europe. SVSS V already has made investments in the industrial, aviation and real estate sectors.

SVPGlobal sources a majority of its investments directly, purchasing debt from banks and funds, the firm said. It also regularly acquires controlling equity interests through credit restructurings.

People
SVPGlobal - Victor Khosla (founder, CIO).

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