Arena Investors held the final close of its latest opportunistic credit fund with $930 million of committed capital, including from separately managed accounts alongside the main fund Arena Special Opportunities Partners (Cayman) II.
This second fund follows strong performance of the $4 billion New York firm’s Fund I. Arena Special Opportunities Partners I, LP and Arena Special Opportunities Partners (Cayman) I, LP have returned an estimated net MOIC of 1.44x from March 1, 2020 to June 30, 2022, officials said.
“With an investment strategy grounded in over 25 years of experience investing globally across divergent economic downturns, we believe Arena is well-positioned to find value in all economic environments,” said Arena Investors CEO and CIO Dan Zwirn.
He added that the COVID-19 pandemic caused newfound disruption to the global economy, and expedited trends that Arena is seeing five to 10 years sooner than expected.
Fund II invests in asset-backed, credit-oriented investments that either were not the beneficiaries of the increased liquidity environment headed into 2022, or that are now in need of liquidity based on the more recent retrenchment of such liquidity and the market volatility that has since resulted.
“While much has changed, Arena’s flexible approach has allowed us to adjust quickly and continually identify attractive opportunities to deliver value to our investors,” Zwirn said. “We are excited about the opportunities that lie ahead, regardless of potential market uncertainty.”
In addition to several new investors, all investors in Fund I made commitments into Fund II.