400 Capital Management Raises $1.39B for Fourth Asset-Based Fund

400 Capital Management (400CM) has wrapped up its fourth private credit fund with $1.39 billion in commitments, beating its $1 billion initial target, focused on asset-based finance.

The asset-based franchise invests across public and private credit markets in the U.S. and Europe, primarily in the residential real estate, commercial real estate, consumer finance and specialty finance markets.

It’s the fourth in their ABTF series, which kicked off in 2017; the first fund’s retired, the second hit $430 million in 2020, and the third nabbed $580 million in 2022. Commitments to the latest fund include $150 million from the Indiana Public Retirement System and $10 million from the Boston Retirement System.

NY-based 400CM, which manages over $7.4 billion, has already deployed more than $400 million into a diversified set of opportunities within the strategy, according to Chris Schiavone, head of private credit strategies.