One of the world's largest credit managers has persuaded investors to commit more than $1.4bn for a minimum of five years in a fund targeting less liquid debt strategies – a rare achievement at a time when greater liquidity is high on the agenda in the wider hedge fund community.

The BlueMountain Credit Opportunites Fund I has closed with over $1.4bn from institutional investors and family offices, which have committed their money for five years, according to a statement from the firm.