AlbaCore beats target with €1.5bn close

The London-based fund manager has already drawn 70% of its debut fund, which had a €1.0bn target.

AlbaCore Capital, the London-based fund manager, has announced a final close of its debut fund, AlbaCore Partners I, on €1.458 billion.

The fund, which focuses on private debt and opportunistic credit investments across primary and secondary markets, had a target of €1.0 billion.

Commitments came from pension funds, endowments, sovereign wealth funds, insurance companies and family offices in North America, Europe, the Middle East and Asia. The fund received a €500 million commitment from Canada’s PSP Investments.

The fund is already 70 percent drawn, equating to more than €1 billion of investment, across primary and secondary opportunities. It targets mid- to large-cap companies with EBITDA between €50 million to €500 million.

The senior investment team features three professionals who worked together in the Canada Pension Plan Investment Board’s principal credit investments business in London: David Allen (chief investment officer); Bill Ammons (portfolio manager); and Deborah Cohen Malka (deputy portfolio manager).

The senior management team also includes Matthew Courey, chief operating officer, and Safraz Zavahir, general counsel and chief compliance officer. They were previously at Credit Suisse and Davidson Kempner respectively.

In all, AlbaCore now has 19 professionals, having hired from the likes of Strategic Value Partners, Castle Hill Asset Management, BlueMountain Capital, Alcentra and Shearman & Sterling.