(Bloomberg) -- Anchorage Capital Advisors is looking to raise $1 billion for its latest fund to invest in corporate debt, structured and opportunistic credit, according to a person familiar with the matter.
So far, the Anchorage Credit Opportunities IX fund has raised more than $600 million in its first close this week, said the person, who asked not to be identified discussing private information. It will invest both in the US and Europe. A spokesman for Anchorage declined to comment.
The previous vintage of the fund raised $1.2 billion, including investments from related vehicles, and is tracking a net internal rate of return of 35%, the person added. The new fund is targeting an equivalent rate in the mid to high teens.
The firm, run by Yale Baron and Thibault Gournay, has raised $4 billion in new capital since January 2022, and manages about $23 billion of assets.
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