Ex-Macquarie Banker Raises $1.4 Billion for Distressed Assets

Former Macquarie Group Ltd. banker Ben Brazil raised $1.4 billion for his firm’s second fund targeting distressed assets globally.

Brazil’s FitzWalter Capital Ltd. beat an initial target of $1.25 billion for the fund, set when it began fundraising in late 2022. The firm now has $2.3 billion under management.

The 52-year-old, who led Macquarie’s lending and leasing business, said the fund is looking for investments in “stuck” companies struggling with debt accumulated from overpriced buyouts.

FitzWalter invests across assets, but has experience in beaten-up credits like troubled UK utility Thames Water. Distressed debt investors have had a good year so ...