Alternative investment firm Värde Partners has raised $1.6 billion for the Värde Dislocation Fund that will invest in opportunities created by economic disruption and the coronavirus.

“The unparalleled speed and disruption to society and markets has caused fundamental damage to the global economy. The range of potential outcomes remains incredibly wide, and we expect varying degrees of impact around the world,” says Ilfryn Carstairs, Värde co-CEO and chief investment officer. “Our platform is well-suited to the opportunity in front of us, with the ability to pivot to markets and geographies where we see the best relative value.”

Värde is not the only firm looking for distressed deals. Former Sun Capital managing directors Michael Kalb and Scott Edwards have launched their own private equity firm called Navaid Equity Partners. The latter will focus on investing in businesses that are faced with financial and operational challenges that were caused by economic and technology disruptions.