Eagle Point Credit Management LLC closed its credit-focused Defensive Income Fund at $300 million, exceeding a target of $250 million, the company said today.

"This niche investment strategy capitalizes on Eagle Point's highly differentiated approach to source, diligence and acquire portfolio debt securities, including debt and preferred equity issued by credit funds and BDCs, which is unique among institutional credit managers," according to a company statement, referring to the fund's strategy.

Eagle Point was formed by Thomas Majewski, managing partner of Eagle Point, and Stone Point Capital.

Eagle Point invests in CLO securities, portfolio debt securities and other credit investments.

*Article amended at 3:30 p.m. ET on Nov. 1, 2021, to clarify fund strategy.