AXA IM Alts has closed its second revolving credit fund, launched in partnership with InPact Partners, at its cap of €395 million.
The fund, Revolving Credit Facilities Fund II, is a follow-up to RCF I, which held its final close in March 2021 with almost €300 million from seven institutional investors. RCF I is now fully deployed.
RCF II was launched following its close and, like its predecessor, it will focus on building a portfolio of senior secured revolving credit facilities issued to non-investment grade companies across Europe and the US. It received backing from repeat clients, with the majority of RCF I investors committing to the second generation fund, as well as new investors.
Revolving credit is a flexible liquidity line for corporates to manager their day-to-day liquidity needs financing working capital, capex and small acquisitions.
Prior to the launch of RCF I, AXA IM Alts was selected by InPact Partners to manage a dedicated portfolio for its consortium of investors. InPact advises a large community of international asset owners with more than €1 trillion of aggregated assets.
Christophe Fritsch, global head of alternative credit at AXA IM Alts, said: “The close of RCF II further validates the successful mission of the fund, which was designed to leverage on the complex banking regulatory environment and commercial banks constraints in order to provide attractive investment opportunities to our clients.”