Allianz Global Investors has held a first close for its Global Diversified Private Debt fund (AGDPDF), after raising €500m from investors. The strategy, which will invest and co-invest with private debt fund managers globally, has a target of €1.5bn.
Previously, the asset manager has invested in private debt on behalf of Allianz’s insurance companies. In the last 10 years, its has built up a portfolio of €20bn in assets under management in this segment. This is the group’s first global private debt fund.
With this new fund, AllianzGI is opening up its private debt investment programme to institutional investors. The fund will invest primarily in the debt of mid-market companies in North America and Europe, with Allianz providing at least 50% of the capital in each transaction.
Source: Citywire Selector
By Selin Bucak
