European credit score specialist AlbaCore Capital Group has raised $1.8bn (£1.4bn) on the first shut of its new senior direct lending technique, with anchor investments from the Abu Dhabi Funding Authority (ADIA) and Mitsubishi UFJ Belief and Banking Company (the Belief Financial institution).
AlbaCore mentioned the technique will primarily concentrate on the upper-mid to giant cap European market.
“Securing commitments from ADIA and the Belief Financial institution for the primary classic of our senior direct lending technique is a testomony to the attractiveness of the chance set available in the market and the way nicely positioned AlbaCore is to reap the benefits of it,” mentioned David Allen, managing associate and chief funding officer at AlbaCore.
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AlbaCore manages $9bn of property throughout non-public capital options, opportunistic and dislocated credit score, CLOs, and structured merchandise.
Hamad Shahwan AlDhaheri, govt director of the non-public equities division at ADIA, Abu Dhabi’s sovereign wealth fund, mentioned: “This anchor dedication introduced the chance to develop our present relationship with AlbaCore, which has established itself as a number one specialist European credit score supervisor. AlbaCore’s senior direct lending technique is nicely positioned to deal with the numerous and rising demand from European corporates for personal credit score options.”
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Takafumi Ihara, chief govt, asset administration and investor providers enterprise unit on the Belief Financial institution, added: “We’re excited to assist the technique by way of this anchor funding. This strategic initiative aligns with that of our world asset administration enterprise, which is to develop our non-public product competitiveness globally within the direct lending house.”
The launch of the brand new technique comes after AlbaCore yesterday introduced the profitable pricing of its seventh collateralised mortgage obligation at €406.5m (£340m).