Distressed debt a declining strategy among private credit funds
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There has been a notable decline in the number of funds running an explicit “distressed debt” strategy, with GPs opting for broader terms such as opportunistic credit.
In 2024, distressed debt fundraising fell 54% to $4.6bn, while opportunistic credit fundraising grew from $6.8bn to $29.5bn.
Even classic distressed debt managers like Monarch Capital Partners opted for the “opportunistic” label for their latest funds. These funds have broad mandates spanning dislocated and stressed credit to “capital solutions” transactions, such as structured equity, asset-based lending, and other hybrid capital deals.
Download our Private Credit Full Year Fundraising 2024 report here.
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