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Gramercy Funds Management, the $6bn emerging markets specialist, has raised $760m for its third capital solutions strategy.
The Greenwich, CT-based firm announced this week that Gramercy Capital Solutions Fund III attracted $685m in limited partner commitments, with an additional $75m in co-investments.
The fundraise is bigger than the $904m raised between funds I and II. Almost all the LPs committing capital in those funds, did so again into Fund III.
Senior PM Gustavo Ferraro leads a 12-person team managing the strategy, which invests in USD loans, mostly primary. They are split approximately 3:1 between Latin America and the CEEMEA regions. Loans aim to deliver attractive mid-teens returns with robust downside protection, according to Gramercy.
“We believe our proven multi-channel approach to sourcing including our unique lending platforms providing strong visibility and rapid, dependable capital deployment remains very attractive to investors,” said Ferraro.
“Gramercy’s differentiated, better approach to emerging markets continues to prove effective through market cycles, and we look forward to deploying this new capital,” said Robert Koenigsberger, managing partner and CIO of Gramercy.
The firm, founded in 1998, has hitherto deployed approximately $5 bn in capital in this strategy across over 100 investments.