CVC Credit Partners has raised a $1.4bn fund to invest in stressed and distressed corporate debt, nearly doubling the size of the firm’s last vehicle focusing on the same strategy, in the midst of a slow capital-raising season for distressed debt and special situations funds.

CVC’s close comes as the amount of money raised by distressed debt funds has fallen short of expectations, according to a May report by Preqin. Higher distressed debt fundraising was expected this year in anticipation of an end to calm credit markets creating...