Reuters reports Highbridge Capital Management, a hedge fund manager owned by JPMorgan Chase & Co., has raised a $5 billion mezzanine debt fund as the latest alternative asset firm seeking to seize on corporate credit opportunities.

Dave Millar, a spokesman for New York-based Highbridge, confirmed the completion of the fundraising following a report by the Financial Times, which said the fund, Highbridge Mezzanine Partners Fund II, was the largest mezzanine corporate debt fund raised since the financial crisis.

Highbridge, which manages about $29 billion in capital, sold a majority stake to JPMorgan in late 2004 and was bought out completely by the investment bank in 2009, according to Highbridge's website.

Among Highbridge's debt deals are private equity firm KKR & Co LP's $1.4 billion acquisition of British pet food retailer Pets at Home, and KKR and General Atlantic LLC's $1.65 billion acquisition of defense contractor Northrop Grumman Corp's TASC consulting unit.

View the entire Reuters story here.