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)