Asset manager Allianz Global Investors has held a first close of its opportunistic credit fund on €435 million.
Allianz Resilient Opportunistic Credit has a final target of €750 million and intends to continue fundraising through 2022 to reach that goal this year. It was launched in February 2021 and is managed by Tom Lees, who joined the firm’s London office last year.
Investors in the fund include European and Asian insurers and pension funds.
The fund will focus on building a portfolio of B+ credit assets. It will concentrate on capital-intensive businesses in the infrastructure space with a high barrier to entry. AROC will invest in OECD countries with a particularly strong focus on the EEA and UK markets. It also has an ESG strategy including ESG risk mitigation.
Claus Fintzen, chief information officer of infrastructure debt at AllianzGI, said “With over 100 transactions in more than 20 countries under our belt, investor demand for this new fund underscores the importance of infrastructure debt as a fundamental part of institutional investor allocations.”
The fund will aim to offer its investors exposure to a full range of infrastructure debt sectors including higher yielding infra debt assets. It has yet to make any investments but will begin deployment this year.