SVP closes third special situations fund on $1.31bn

The GP, which has offices in London and Frankfurt, stated the vehicle will have a greater European focus than its 2012-vintage $918m predecessor. SVSS II generated an IRR of 23.5% as of June 2014 and 1.5x money multiple.

Earlier this year, the GP exited Germany-based paste PVC producer Vestolit to Mexico-based Mexichem, a specialty chemicals company. Its other European investments include Jeyes Group, in which it acquired a minority stake from LGV in 2011.

Jefferies and Adara acted as placement agents for the fund.

Investors
SVSS III attracted commitments from new and existing LPs across Europe, Australia, the US, the Middle East and Japan. SVP also stated the majority of investors in the previous fund re-upped into SVSS III.

Investments
The vehicle, which is already 42% invested, will focus on the distressed debt of mid-cap companies and assets in Europe and the US. SVSS will look to capitalise on an increasing number of disposals by European banks.

People
Victor Khosla is founder and chief investment officer at SVP.

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• Topics
• Credit/Special Situations
• United States