Invesco held the final close of Invesco Credit Partners Fund II, a global distressed credit and special situations fund managed by its $40 billion indirect subsidiary Invesco Senior Secured Management.
The fund received $644 million in committed fund capital and co-investment vehicles, which was in excess of its original fundraising target. Capital was raised from global investors, including public and private pensions, insurance companies, endowments and foundations, asset managers and family offices.
“Our primary focus is on small capitalization companies where we can target both inefficiencies as well as asymmetric returns while seeking to limit downside risk through a focus on senior positions in capital structures,” said Paul Triggiani, head of distressed credit and special situations at Invesco. “Today’s market environment continues to provide a robust pipeline of opportunities both in the U.S. as well as in Europe.”
Prior to joining Invesco, Triggiani was a managing director of H.I.G. Bayside Capital, where he focused on control and non-control distressed debt and credit opportunities. Prior to Bayside, he was a managing director of Strategic Value Partners with responsibility for distressed and special situations investments in general industrials, oil and gas, building products, homebuilding, infrastructure, gaming and financials.
Triggiani now leads a dedicated team of investors all with extensive experience in distressed investing, special situations and private equity. The fund is set to focus on opportunities in developed global markets targeting small cap companies where markets are generally less efficient and capital deployment tends to be less cycle dependent.