Man Group, an alternative investment managers, has announced the first close of Man Opportunistic Credit Fund III, a new opportunistic credit vehicle targeting $1.25 billion in investor commitments.
The fund has a hard cap of $1.5 billion, which would trigger an early end to the capital commitment period if reached. The vehicle continues an opportunistic credit strategy that has been active for more than a decade across two prior fund vintages. Led by Jason Dillow, the strategy invests across both private and public credit markets using a generally unlevered approach.
The fund will primarily focus on mid-market, off-the-run and other less competitive credit situations. Its portfolio construction approach combines steady-return asset pools with direct-to-company financings and bespoke lending opportunities. The strategy emphasizes smaller companies and capital structures where the investment team can negotiate customized financing arrangements with borrowers through established relationships.