Fundraising

The public but non-listed vehicle plans to lend to borrowers with EBITDA of $5m-$50m.

The strategy, one of the largest of its kind, closes amid ample opportunities in seasoned funds.

Private credit managers raised over $74bn in the first quarter.

The direct lending fund beat its target by $200m and its predecessor by $300m in equity commitments.

The third vintage of its special opps fund beat its predecessor and target with a high re-up rate.

Distressed strategies took a hit in 2024, with fundraising totals down considerably on 2023’s figures and marking a significant drop on the highs of 2019-20.

Fundraising for Asia-Pacific has been extremely challenging over the past two years, but the foundations for long-term growth are strong.

Commitments from Mitsubishi UFJ Trust Bank and Abu Dhabi’s sovereign wealth fund give the strategy’s first vintage significant firepower.

The firm said its is on track to hold a final close of its credit fund this year at its £1bn target.

The distressed credit fund has outraised its target and its prior vintage.