Highbridge Principal Strategies has closed a $5 billion fund.

The fund, called HPS Mezzanine Partners Fund II, will invest in subordinated debt securities in North America and Western Europe.

It has committed $1 billion in capital to nine different companies. Highbridge is invested in sports marketing and entertainment company Wasserman Media Group, online discount shopping website Ideeli and Net Insight, a media transport company.

New York-based Highbridge is a private equity firm with about $16 billion in assets under management. The company is a subsidiary of JP Morgan Asset Management.and alternative-asset manager Highbridge Capital Management, which has $29 billion in capital under management.

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