BlueBay Asset Management completed the fundraising of its Direct Lending Fund II in less than one year, closing at €2 billion ($2.1 billion), which was its revised target.
The fund is all institutional money and includes investors from the U.K., U.S. and Asia, said a spokeswoman for the €56 billion money management firm.
More than 80% of BlueBay's previous fund investors committed to the second-generation private debt fund. The fund is 25% committed, a BlueBay news release said. The fund provides flexible financing solutions to midsize European businesses, investing in senior secured and selected subordinated loans.
Investors in the fund include the $12.6 billion Orange County Employees Retirement System, Santa Ana, Calif.; $12.1 billion Ohio School Employees Retirement System, Columbus; $7.5 billion New Hampshire Retirement System, Concord; $2.3 billion Seattle City Employees' Retirement System; and $835 million Louisiana Municipal Employees' Retirement System, Baton Rouge.
BlueBay was advised by law firm Fried Frank's London-based asset management team.