BlueBay Asset Management raises €6bn

The London-based asset manager closes one of the largest debt funds of 2019.

BlueBay Asset Management has held a final close of BlueBay Direct Lending Fund III at €6 billion. The fund offers both levered and unlevered options as well as a range of currencies including euros, US dollars, sterling, yen and Canadian dollars. The fund will target the upper mid-market, looking at companies with EBITDA ranging from €10 million to €150 million and making loans of between €75 million and €300 million.

Investors in the vehicle include the New Mexico Educational Retirement Board, Seattle City Employees Retirement System, New Hampshire Retirement System and the Government Employees Pension Service.

Fried Frank advised BlueBay on fundraising.

BlueBay Direct Lending Fund II closed at €2.41 billion in November 2015.