Amundi closes senior debt fund on €880m

The senior vehicle is the asset manager’s largest to date and has already made 15 investments.

French asset manager Amundi has raised €880 million for  its third senior debt fund, focused on European mid-cap companies.

Amundi Dette Senior FPE III is Amundi’s largest senior vehicle to date and took 12 months to raise. It has already invested half its funds across 15 transactions.

Amundi said it raised capital from around 20 institutional investors and structured the fund as a French Fonds de Prêt à l’Économie, which makes it easier for insurance companies to access private debt under Solvency II.

The fund will focus on providing senior debt facilities to medium-sized European businesses with a turnover of at least €50 million to finance their growth and investment activity. Amundi has a partnership with Crédit Agricole Group’s banking network to help it access mid-market opportunities.

Amundi is currently targeting €500 million for a real estate debt vehicle and €300 million for a leveraged loan acquisition fund.

The asset manager’s private debt division is headed by Thierry Vallière and had €7.2 billion of assets under management at the end of September 2018.