400 Capital Management (400CM), an alternative credit asset manager specialising in asset-based credit strategies with over $7.4bn of assets under management, has closed its latest private credit fund, Asset Based Term Fund IV, with $1.39bn in capital commitments.
The fund, which launched in December 2023 with a target of $1bn, was significantly oversubscribed.
According to a press release, ABTF IV drew strong support from institutional investors “attracted to the firm’s demonstrated track record and expertise investing across asset-based private credit strategies, with particular attention from investors looking for diversification from direct lending”.
The first Asset Based Term Fund launched in 2017 with the goal to invest in unique, idiosyncratic credit opportunities driven by cyclical and regulatory catalysts across public and private credit markets in the US and Europe, primarily in the residential real estate, commercial real estate, consumer finance and specialty finance markets. ABTF IV follows the firm’s previous three funds launched sequentially in 2017, 2019 and 2021. ABTF I was fully retired in 2023.
400CM has offered a diversified approach to structured credit investments since its inception in 2008. The firm manages structured credit assets across commingled funds, separately managed accounts, and private credit portfolios.
