Carlyle, an investment firm, closed its second Carlyle Credit Opportunities Fund II. The fund raised $4.6 billion, hitting the hard cap and surpassing its $3.5 billion goal. The fund attracted almost doubt the amount raised in its predecessor fund. The investable capital is approximately $6 billion including available leverage. The fund will continue to scale-up Carlyle’s global credit platform.

The fund provides capital services to firms seeking alternatives to traditional capital markets and private equity. Its services are targeted at upper middle-market borrowers. CCOF II has already committed approximately $3.8 billion, which is 67 percent of investable capital, to 22 businesses in North America and Europe.

“Carlyle’s Credit Opportunities strategy is meeting a growing need for flexible, solutions-oriented capital from companies seeking to benefit from opportunities in a rapidly changing economic environment,” said Alex Popove, head of Illiquid Credit Strategies at Carlyle. “Leveraging Carlyle’s domain expertise and the strengths of our Global Credit platform, we source opportunities and drive value in often complex or overlooked situations. We remain focused on continuing to deliver strong performance and appreciate the ongoing support of our investors.”