AlbaCore Capital Group, the London-based fund manager, has reached a first close on €1.5 billion for its third core fund, according to market sources. The firm declined comment.
Fundraising for AlbaCore Partners III began in the second quarter of this year and is scheduled to continue into next year. The fund has a target at final close of €2 billion.
The third fund is already as large as the second fund in the core series, which closed on €1.5 billion in 2019. The first fund in the series closed in 2017.
Many of the firm’s existing investors are thought to have made commitments at the first closing. The investor base includes pension funds, sovereign wealth funds, consultants, insurance companies, family offices and endowments.
Last year, AlbaCore was one of a group of fund managers that responded swiftly to the turbulence caused by the pandemic by raising a dislocation fund. The fund raised over $1 billion (including separately managed accounts) and began investing in the depths of the crisis in mid-March.
AlbaCore, which was founded in 2016 by former CPPIB senior executive David Allen, targets both the private and liquid markets and has an investment and operations team numbering around 50.