Glendon Capital Management LP closed its second fund, Glendon Opportunities Fund II LP, at $2.5 billion. The fund is more than doubled than Glendon’s first, which raised $1.1 billion in 2014.

Gledon is a Los Angeles-based private investment firm that focuses on distressed and special situations. The firm was formed in 2013. Glendon’s limited partners include: public and private pension funds, financial institutions, foundations and endowments.

“The Fund’s closed-end, delayed draw structure that features a three-year activation period, enables us to be patient and deploy capital at optimal points in the next credit cycle in order to maximize returns for our investors,” says Glendon partner Holly Kim. Park Hill served as Glendon’s placement agenet, while Debevoise & Plimpton provided legal advice.

The middle market has been seeing a rising popularity in debt funds, as a stable investment vehicle for fund managers and investors. Other firms raising debt funds include: Antares Capital closing the firm’s first CLO fund in May with nearly $2.1 billion in backing; GoldPoint Partners LLC raising a fourth mezzanine fund; Littlejohn’s Wellfleet closing a $406 million fund; the Carlyle Group (Nasdaq: CG) raising $1.2 billion in capital across two CLO funds this year; and Madison Capital closing its sixth CLO fund in July.