Varde Partners raises $423m for mortgage debt fund

Varde Partners has raised $423 million for Varde Mortgage Fund II, according to a filing with the SEC.

Varde Mortgage Fund II recently launched in April and is seeking to raise $750 million in total equity commitments. The real estate debt fund will invest in mortgage properties throughout the United States.

Varde recently closed its latest multi-credit fund, Värde Fund XII, with $1.74 billion. The fund’s portfolio managers will target global investment opportunities in credit, real estate and specialty finance.

Varde Partners, headquartered in Minneapolis, is a global investment adviser with offices around the globe. The firm is focused on credit and value investing strategies and has invested more than $50 billion since inception.