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In the first quarter of 2015, debt fund investments were made into just four strategies which received a total of $15.09 billion from investors globally across all sectors. The two most highly allocated strategies were senior debt and subordinated / mezzanine debt, which gathered $6.77 billion and $6.52 billion respectively. Royalty financing and distressed debt strategies accounted for a combined value of just $1.8 billion in comparison.
Senior debt funds, including both debt acquisition and loan origination, raised 45 percent of aggregate capital for debt funds in Q1 2015. The largest debt fund to close in this quarter was the European Loan Programme – a corporate senior debt fund managed by Ares Management. The fund held a final close at $4.09 billion, representing a large proportion of the overall amount raised by funds focused on this strategy.
Although subordinated / mezzanine debt funds raised 43 percent of total debt capital in this quarter, 15 of these funds closed compared to seven senior debt funds. The largest subordinated / mezzanine debt fund raised in Q1 was Morgan Stanley Investment Management’s corporate fund – Morgan Stanley Credit Partners II – which reached a final close at $1 billion.
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