New York-based niche alternative credit firm raised over $1.5 billion as well as a $100 million expandable co-investment vehicle for its fifth global flagship fund, which is its largest fund to date.
InSolve Global Credit Fund V (IGCF V) is set to build on the $6 billion firm’s long-term strategy of sourcing and investing in credit-sensitive financial assets such as residential, commercial and consumer whole loan portfolios. This includes assets subject to bankruptcy or other structured repayment plans, as well as select alternative credit assets such as residential mortgage servicing rights.
So far, the fund has called 82% of commitments to capitalize on a “substantial” global opportunity set, according to company officials.
“Since launching the Fund, we have deployed a significant amount of its capital into opportunities that we believe have attractive risk/reward profiles with upside potential, and strong downside protection,” said Charles Rusbasan, founding partner and CEO of Balbec in a statement. “We expect our targeted opportunity set and investment pipeline to remain robust for the foreseeable future and are grateful for the support of both our new and longstanding investors.”
Since the firm’s 2010 inception, Balbec has deployed over $14 billion in 22 countries, selectively investing across geographies and asset types to source the most attractive opportunities while mitigating macro risks. The firm’s predecessor offering, IGCF IV, closed in 2020 with $1.2 billion in commitments from global allocators.
“As we seek to strategically scale the Balbec platform we will continue to employ our repeatable investment process – which has proven resilient to date across market conditions to deliver attractive returns for our investors,” said Warren Spector, chairman of Balbec, in a statement.