AllianzGI raises €300m in first closing of new private credit impact fund
Allianz Global Investors has raised €300m (£257m) from approximately 10 European investors in the first closing of its latest European private credit impact fund.
The European Private Credit III – Invest for Positive Change fund is reserved for institutional clients only, and offers the opportunity to invest alongside Allianz in the senior debt of medium-sized companies across continental Europe.
The fund also has an objective to help these companies to adopt better environmental, social and corporate governance (ESG) practices.
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The fund has a target of €750m, and a hard cap of €1bn. It is the successor to AllianzGI’s European Private Credit II, which also invests in medium-sized European companies.
“The deployment of the European Private Credit III, which is now almost 90 per cent invested, has demonstrated the relevance of our approach from the point of view of both investors and borrowers,” said Damien Guichard, head of European private credit at AllianzGI.
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“Thanks the trust of our investors demonstrated by our recent fundraisings, our total commitment capacity for each transaction exceeds €100m.
“This allows AllianzGI to facilitate and secure transactions in an environment that remains volatile.”
The new fund is managed by AllianzGI’s European private credit investment team, which is led by Guichard and based in Paris and Munich. It has completed almost 100 mid-market transactions across Europe and currently manages approximately €9bn for Allianz and third-party investors.
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