Solace Capital Partners announced the closing of its first fund, a $576 million investment vehicle, Monday.

The West Los Angeles private equity outfit, which was formed in 2014, has already put $120 million into five different companies, according to a statement.

The firm focuses on control investing in distressed assets and over leveraged companies in the middle and lower market.

Solace’s managing partners, Oaktree Capital Management alumni Chris Brothers, Vince Cebula, and Brett Wyard, said the strong support for the fund showed the distressed asset market was rife with opportunity.

“We are pleased with the support we received from our high-quality investors in closing our first fund above our target,” the statement from the firm said. “Anticipating more corporate defaults and distressed opportunities, we have the right strategy and the right team in place to capitalize on the investing environment.”

Deals & Dealmakers reporter Henry Meier can be reached at hmeier@labusinessjournal.com. Follow him on Twitter @henry_meier.

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