AlbaCore Capital raises €1.5bn

The London-headquartered firm closes its debut fund.

AlbaCore Capital held a final close at €1.458 billion for its AlbaCore Partners I, surpassing its original €1 billion target.

Investors of the fund include Public Sector Pension Investment Board (PSP Investments), who committed €500 million capital.

The fund started fundraising in October 2016 and had already drawn down 70 percent of its capital, equating to more than €1 billion of investment, across primary and secondary opportunities.  The firm will use the capital to make distressed debt investment in European companies.