SCOTTSDALE, Ariz.--(BUSINESS WIRE)--Balbec Capital, LP announced the closing of its third global credit fund, InSolve Global Credit Fund III (“IGCF-III”). With capital commitments totaling approximately $727 million, IGCF-III is Balbec Capital’s largest fund to date.
Warren Spector, Chairman of Balbec Capital, said, ”Balbec’s deep experience and extensive relationships in the consumer insolvency market have enabled us to generate stable and consistent returns for investors.” Mr. Spector adds, “We are delighted with the broad level of support for IGCF-III from existing and new investment partners, as we continue to expand and diversify our investor base.” New investors in IGCF-III include insurance companies, endowments, foundations, wealth managers, family offices and a sovereign wealth fund.
Balbec Capital invests globally in insolvency opportunities where the borrower or assets are subject to an insolvency proceeding, liquidation or other restructuring. Charles Rusbasan, Balbec Capital’s CEO, helped establish the global consumer insolvency market more than 25 years ago while at Bear Stearns. Mr. Rusbasan and his team closed their first pooled investment fund (IGCF-I) in June 2012 and second pooled investment fund (IGCF-II) in July 2015.
“IGCF-III continues the successful approach of its predecessor funds, with a focus on seeking investments with the potential to generate attractive risk-adjusted returns that are uncorrelated to the financial markets,” said Mr. Rusbasan. “We are one of the few dedicated institutional buyers of consumer insolvency assets with the resources and experience to invest on a truly global basis.”
”IGCF-III is off to a strong start with over $400 million of equity capital committed to transactions, and we continue to actively source attractive investment opportunities globally,” added Mr. Rusbasan.
About Balbec Capital, LP
Balbec Capital, LP is a pioneering global investor in insolvency opportunities where the borrower or assets are subject to an insolvency proceeding, liquidation, or other restructuring. With a track record of innovation in the global insolvency markets, Balbec Capital seeks opportunities to generate attractive risk-adjusted returns that are uncorrelated to the financial markets.
For Immediate Release. Additional information can be found at balbec.com.