April 5, 2018 / 9:26 AM / 15 days ago

AlbaCore reaches €1.46bn on final close

April 5 (LPC) - European investment firm AlbaCore Capital has raised €1.46bn from institutional investors on a final close for its credit fund.

The final closing figure surpasses the initial fundraising target of €1bn for the firm’s debut fund.

So far, 70% of the fund has been invested.

AlbaCore invests in private debt and opportunistic credit instruments in both the primary and secondary market.

The firm attracted investments from a global investor base, including pension funds, sovereign wealth funds, insurance companies, endowments and family offices, according to the firm.

PSP Investments, a Canada-based pension fund, provided a €500m seed investment in November 2016.

David Allen, chief investment officer at AlbaCore, said: “We are grateful to partner with such a high quality and global investor base.”

“The team is excited about the opportunity set for our strategy and believe we are well-positioned to deliver compelling risk-adjusted returns for our investors across market cycles,” he said. (Editing by Christopher Mangham)

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