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Balbec Capital raises $930M for commercial and residential debt fund
The IGCF-VII fund will invest in performing and nonperforming residential mortgage loans, mortgage servicing rights, and commercial mortgage and bridge loans across the U.S. and western Europe.
Balbec Capital LP has reached its first closing for a new debt fund, securing $930M in commitments, according to a U.S. Securities and Exchange Commission filing cited by Bisnow.
The IGCF-VII fund is designed to target commercial and residential mortgage debt across the U.S. and western Europe, and its investments include performing and nonperforming residential mortgage loans, mortgage servicing rights, and commercial mortgage and bridge loans, Bloomberg reported.
Bisnow also noted that the fund is expected to be even larger than Balbec’s previous vehicles. The firm has raised five prior funds, with its most recent bringing in $1.47B, and it has issued 107 securitizations as of June 30.
Balbec has been expanding its real estate credit footprint, including launching a $615M commercial real estate collateralized loan obligation in March backed by senior floating-rate commercial mortgage loans and acquiring London-based Funding 365 Lending in June. Bisnow linked the push to growing demand for private credit as traditional lenders back away from new deals.