Credit-focused investment manager Palmer Square Capital Management has raised approximately $240.8m for its Palmer Square Excelsior Investments Fund, according to a report by Deal Room citing a recent regulatory securities filing.

The offering, which was disclosed on 17 September, reported $240,825,553 in securities sold to date. The fund is structured as a Delaware limited liability company and is classified in the filing as both a pooled investment vehicle and a hedge fund.

The filing does not specify a maximum offering size, indicating that the capital raise remains open and that Palmer Square could continue accepting commitments from investors.

Palmer Square Capital Management acts as both managing member and investment adviser to the Excelsior fund. The offering documentation provides for a management fee payable to the investment manager, although it does not disclose the fee amount.

Kansas-based Palmer Square specialises in credit and fixed-income investing and manages strategies across public and private credit markets. The firm's hedge fund platform gives investors exposure to credit opportunities through a range of investment approaches.