Hayfin Raises More Than $2.3 Billion for Special Opportunities
Hayfin Raises More Than $2.3 Billion for Special Opportunities
(Bloomberg) -- Hayfin Capital Management raised more than its original 2 billion euro ($2.3 billion) target for a new fund looking at companies hit by Covid-19 or in restructuring, according to an emailed statement.
Hayfin Special Opportunities Fund III is a private credit fund that will invest in opportunities arising from asset price dislocation created by the pandemic. The firm’s private credit Special Opportunities strategy provides rescue loan or restructuring capital, as well as investing in out-of-favor industries and purchasing non-performing or underperforming loans from European banks.
“We continue to see a range of compelling deployment opportunities for our Special Opportunities strategy, offering attractive risk-adjusted returns for our investors,” said Tim Flynn, Chief Executive Officer and co-founder of Hayfin in the statement. The firm manages 22 billion euros of assets across all its strategies.
The London-based firm is the latest credit fund increasing its war chest for opportunistic investments in the private credit space. Private credit has been winning favor from investors as it delivers high returns by providing direct loans to what typically are smaller companies without broad market access. But even big companies with other credit facilities in place have increasingly used this type of lending as it’s faster than other debt instruments, it’s negotiated with just one or a very reduced number of counter-parties and the terms are private.
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