Balbec Capital LP raised around $1.2 billion of commitments at the final close of Insolve Global Credit Fund IV LP, exceeding the vehicle's $1 billion fundraising target.

The fund will invest in nonperforming loans where the borrower or assets are subject to some form of distress such as insolvency proceeding, restructuring or liquidation.

To date, the vehicle has called 45% of commitments.