New fund AlbaCore close to €1bn PSP backing

Market sources have confirmed a Bloomberg report that David Allen’s venture is on the verge of securing a major commitment.

AlbaCore Capital, a new fund launched by former Canada Pension Plan Investment Board executive David Allen, is close to winning a €1 billion commitment from PSP Investments according to a report first run on Bloomberg which PDI has subsequently verified with market sources.

As well as PSP, one of Canada’s largest pension managers with around $117 billion of assets under management, AlbaCore is also understood to be in discussions with a number of other limited partners regarding possible commitments to its debut fund.

Allen launched AlbaCore after stepping down at CPPIB in May this year having built up the organisation’s European credit platform. The new firm has since announced a string of senior hires including Bill Ammons, who was Allen’s number two at CPPIB from 2010 until his departure. Ammons joins as a partner and portfolio manager.

Other recent arrivals have included: Joseph Novarro from Renshaw Bay as partner and chief operating officer; Matthew Courey from Credit Suisse as partner and portfolio manager; and David O’Neill from KCG Holdings as business operations and risk manager.

AlbaCore is understood to be officially launching its fund later this year with a number of further hires expected soon.