Polus Capital Management has successfully raised $1 billion for its special situations strategy, with a notable investment from the Abu Dhabi Investment Authority (ADIA), according to sources familiar with the matter.
This latest fundraising boosts the assets under Polus’ special situations strategy to approximately $5 billion. The strategy primarily targets secondary investments in bonds and loans, particularly in opportunistic, stressed, or distressed situations.
At the beginning of the year, Polus managed $4 billion in this business line and has been actively seeking additional capital since then. The firm is currently marketing a longer lock vehicle expected to close at €750 million by March 2025, along with a hedge fund structured vehicle.
The ongoing environment of elevated interest rates has exerted pressure on corporate balance sheets, creating new opportunities for investors to acquire loans or bonds at significant discounts.
Based in London, Polus Capital was formed following the merger of Cairn Capital and distressed debt firm Bybrook Capital. The asset manager, majority-owned by Mediobanca SpA, operates through three divisions: special situations, leveraged and structured credit, and focuses on alternative credit strategies.
Polus invests on behalf of institutional clients, including pension funds, insurance companies, endowments, foundations, and sovereign wealth funds like ADIA, as well as family offices.
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