Allianz Global Investors has raised EUR1.5 billion ($2.11 billion) for a fund that buys private credit stakes on the secondary market.
The firm has exceeded its initial fundraising target of EUR500 million for the strategy that buys positions in direct-lending funds from institutional investors at a discount, according to a statement.
A burst of trading in the secondary market is the latest development for the US$1.6 trillion ($2.20 trillion) private credit industry, where some funds have excessive cash amid the deal drought.
AllianzGI joins firms including Apollo Global Management and Ares Management Corp who have sizeable funds dedicated to this fast-growing segment of private credit.
AllianzGI is planning to follow up the launch with another fund dedicated to secondary stakes in the second half of 2025, according to the firm’s statement.
