Allianz Global Investors, the asset manager of one of the world’s largest financial institutions, is the latest player in the market raising a dedicated credit secondaries strategy.
The manager has registered Allianz Private Debt Secondary Fund I, per a regulatory filing on 19 September. The fund will seek to invest in both LP-led and GP-led transactions, a spokesperson confirmed to Secondaries Investor.
The vehicle will target credit portfolios as large as €1 billion with balance sheet help, according to a source familiar with the situation. Its target is unclear.
The spokesperson did not comment on that detail.
Allianz has the capability to invest in secondaries via its Allianz Private Equity Fund and Allianz Global Diversified Infrastructure Equity Fund, both managed by Allianz GI.
Allianz Private Equity Fund held an around €520 million first close in October with a final close expected this year, according to a statement at the time. The vehicle will pursue primary and secondary fund commitments and co-investments globally.
On the infrastructure side, the asset manager raised over €1 billion at the beginning of last year for Allianz Global Diversified Infrastructure Equity Fund, above its €900 million target. The vehicle will pursue primary fund commitments, secondaries transactions and co-investments globally, affiliate title Infrastructure Investor reported at the time.
Allianz joins a number of seasoned secondaries names that have launched private debt secondaries funds in recent years. Alternatives peers Pantheon, Apollo Global Management, Ares Management, Tikehau Capital and Manulife Investment Management are among the groups that have been active in private debt secondaries.