Manager · SEC CRD 148949
The Varde
Private CreditOpportunistic
Funds with performance
16
LP investors
15
Public LPs disclosing at least one fund
SEC regulatory AUM
$16.13B
As of 2026-10-29
The franchise by vintage
Funds disclosed by public LPs, by strategy and vintage year. Dot area is the number of funds raised that year.
Funds
Funds managed by The Varde
Fund Name | Strategy | Sub-Strategy | Geography | Vintage | IRR | TVPI | DPI | As-of Date | Gross AUM | LPs |
|---|---|---|---|---|---|---|---|---|---|---|
| Lake Cottage | Opportunistic | Distressed Debt | Global | 2022 | 11.2% | 1.26x | 0.10x | 2026-03-31 | — | 1 |
| The Varde Asia Credit Fund, L.P. | Private Credit | Direct Lending | Asia Pacific | 2018 | 8.7% | 1.59x | 1.21x | 2026-06-30 | — | 1 |
| The Varde Dislocation Fund, L.P. | Private Credit | Direct Lending | Global | 2020 | 9.0% | 1.34x | 1.05x | 2026-06-30 | — | 1 |
| The Varde Fund X (C) LP | Opportunistic | Distressed Debt | Global | 2010 | 9.8% | 1.72x | 1.68x | 2024-06-30 | — | 1 |
| The Varde Fund XI (C) LP | Opportunistic | Distressed Debt | Global | 2013 | 4.3% | 1.31x | 1.16x | 2024-06-30 | — | 1 |
| The Varde Fund XII-C | Opportunistic | Distressed Debt | Global | 2016 | 4.8% | 1.29x | 0.80x | 2024-06-30 | — | 1 |
| The Varde Private Debt Opportunities Fund (Onshore), L.P. | Opportunistic | Multi Strategy | North America | 2018 | 8.1% | 1.61x | 1.33x | 2026-06-30 | — | 1 |
| Varde Fund IX, L.P. | Opportunistic | Distressed Debt | Global | 2008 | 15.0% | 2.17x | 2.17x | 2023-09-30 | — | 3 |
| Varde Fund X, LP | Opportunistic | Distressed Debt | Global | 2011 | 9.9% | 1.73x | 1.70x | 2026-06-30 | — | 5 |
| Varde Fund XI, LP | Opportunistic | Distressed Debt | Global | 2014 | 3.2–4.3% | 1.19–1.32x | 1.08–1.19x | 2025-06-30 | — | 3 |
| Varde Fund XIII, L.P. | Opportunistic | Distressed Debt | Global | 2018 | 8.9% | 1.42x | 0.95x | 2026-06-30 | — | 1 |
| Varde Fund XIV | Opportunistic | Distressed Debt | Global | 2022 | 9.7% | 1.21x | 0.24x | 2026-06-30 | — | 1 |
| Varde Partners Fund X, L.P. | Private Credit | Direct Lending | Global | 2009 | 10.0% | 1.74x | 1.67x | 2021-12-31 | — | 1 |
| Varde Scratch and Dent Feeder I-A, L.P. | Private Credit | Direct Lending | Global | 2016 | 4.0% | 1.13x | 1.06x | 2025-12-31 | — | 1 |
| Varde Scratch and Dent Feeder, L.P. | Private Credit | Direct Lending | Global | 2014 | 5.6% | 1.19x | 1.18x | 2025-12-31 | — | 1 |
| Varde Select Fund, L.P. | Private Credit | Direct Lending | Global | 1998 | 6.0% | 1.30x | 1.32x | 2026-03-31 | — | 1 |
LP Investors
Limited partners invested in The Varde funds
| LP Name | Type | Location | Funds Invested |
|---|---|---|---|
| University of Texas Investment Management Company | public_pension | TX | 1 |
| Carnegie Corporation of New York | foundation | — | 4 |
| Annie E. Casey Foundation | foundation | — | 1 |
| Rockefeller Foundation | foundation | — | 2 |
| John Templeton Foundation | foundation | — | 2 |
| Klarman Family Foundation | foundation | — | 2 |
| Maryland State Retirement and Pension System | public_pension | MD | 2 |
| Los Angeles County Employees Retirement Association | public_pension | CA | 1 |
| Florida State Board of Administration | public_pension | FL | 5 |
| Minnesota State Board of Investment | public_pension | MN | 5 |
| Texas Municipal Retirement System | public_pension | TX | 4 |
| North Carolina Retirement Systems | public_pension | NC | 2 |
| Pennsylvania Public School Employees' Retirement System | public_pension | PA | 2 |
| New York State Common Retirement Fund | public_pension | NY | 1 |
| Washington State Investment Board | public_pension | WA | 1 |