Bain Capital is reportedly targeting a $4 billion raise for a new “special situations” fund to take advantage of distressed dealmaking amid ongoing volatility in the global economy.

The firm has already pulled in about $2 billion for the fund in five months, according to Reuters. Bain expects to close the new fund by the end of the year.

The new vehicle comes three years after Bain picked up $3.2 billion for its predecessor fund in the strategy, Bain Capital Distressed and Special Situations Fund.

That raise was launched through Bain Capital’s credit unit, but the success of the strategy has seen the firm carve out the team into a standalone business, according to the report.

Three years of market uncertainty caused by the pandemic, Russia’s invasion of Ukraine and spiking global inflation have led to huge opportunities in distressed investing, even as traditional buyout dealmaking has fallen throughout the year.

Last month New York-based credit investor Diameter Capital Partners reached a $2.2 billion hard cap final close for its second Dislocation Fund. Other big fundraises in the sector have included Ares Management Corporation picking up $7.1 billion for its second special opportunities fund in October of 2022.

Since the launch of the strategy in 2002, Bain Capital Special Situations has invested over $28 billion in more than 850 deals across North America, Europe, and Asia Pacific, according to its website.