SVP Global Distressed Fund Gains 24% Despite Dearth of Targets

An SVPGlobal distressed-debt fund gained more than 24% in 2021, even as easy money from federal stimulus programs cut down on new opportunities to invest in troubled companies.

The firm’s Strategic Value Restructuring Fund, part of $18 billion managed at SVPGlobal by founder Victor Khosla, got boosts from deals that included taking ownership through debt-for-equity restructurings of mall owner Washington Prime Group Inc., Latam Airlines Group SA and IPC Systems Inc., according to people with knowledge of the matter.

The firm also gained stakes in manufacturer OmniMax International Inc. and Swissport International AG, the airport cargo handler, ...