Solace Capital Partners Raises $576M For Debut Special Situations Fund

Dec 5 2016 | 11:59pm ET

Distressed investments specialist Solace Capital Partners has raised $576 million in capital commitments for its inaugural fund.

The new vehicle, named Solace Capital Special Situations Fund, closed well in excess of its $500 million target, according to the company. 

Solace focuses on distressed-for-control and special situations investments in North America. The company has flexible capital and targets opportunities in complex, distressed or capital-constrained, lower-middle market companies across numerous industries. Typical investment size ranges from $10 million to $75 million.

The new fund has already invested and committed more than $120 million in five portfolio companies, Solace added.

“We are pleased with the support we received from our high-quality investors in closing our first fund above our target,” said Solace’s managing partners Chris Brothers, Vince Cebula, and Brett Wyard in a joint statement. “Anticipating more corporate defaults and distressed opportunities, we have the right strategy and the right team in place to capitalize on the investing environment. With five investments already in our portfolio, we are off to a strong start and are excited by the numerous opportunities in our pipeline.”

Founded in 2014 and operating from offices in New York and Los Angeles, Solace Capital Partners was founded by Brothers, Cebula and Wyard, all of whom worked together at global alternative credit manager Oaktree Capital. 

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