Fundraising

The firm’s first closed-end debt fund is now more than half way to reaching its $500m target.

Principal Asset Management says the new appointment will help expand its alternatives business, which focuses on private debt and real assets.

The fund will continue the firm’s strategy of backing non-sponsored businesses in transition and taking a private equity-style approach to engagement.

The fund is thought to be one of the largest ever raised for European private debt and, with associated vehicles and leverage, will have around €30bn of deployable capital.

The instrument sets a high bar for mid-market CLO closings in 2025.

There are reasons to believe the sponsor-backed private debt deal market may be set for better times ahead, though some headwinds persist.

Fundraising dipped again in 2024 but large funds continue to increase their market share.

The fund closed well above its $1.25bn target and is twice as large as its predecessor.

New GPs face a tough task to attract investor interest, but there are ways in which they can maximise their prospects.