BlueBay Asset Management's private debt group closed its senior loan fund with more than €3 billion ($3.5 billion) in commitments, said the firm.
The fund "significantly exceeded its initial target," said a news release by the $53 billion money manager.
The fund aims to provide credit to upper midmarket European businesses to fill the funding gap left by banks, through financing solutions for leveraged buyouts, mergers and acquisitions, corporate financing, growth financing and refinancings.
At final close, the fund was 12% committed across six deals.
"We are delighted with the strong response from major institutional investors globally to our senior loan fund," said Anthony Fobel, head of private debt at BlueBay in the release. "We continue to see a very strong pipeline of investment opportunities across Europe as economies pick up, M&A markets remain strong and the structural shift towards alternative lenders accelerates."
Documents dated June 16 from the investment and pension fund committee of the Devon County Council Pension Fund, Exeter, England, said an allocation to the fund, equating to about £90 million ($117 million), received an agreement from the committee. The allocation will provide European exposure to private debt for the £3 billion pension fund. Executives could not be reached for more information.