European credit specialist AlbaCore Capital Group (“AlbaCore”) today announces the launch of a new Senior Direct Lending Strategy (“the Strategy”), having secured anchor investments from a wholly owned subsidiary of the Abu Dhabi Investment Authority (“ADIA”) and Mitsubishi UFJ Trust and Banking Corporation (the “Trust Bank”).
AlbaCore has successfully completed its first close, bringing together an expected $1.8 billion in investable capital. With the launch of the Strategy, AlbaCore is well positioned to take advantage of the growing opportunity set to finance loans, further expanding its market presence and delivering enhanced value to clients globally.
“Securing commitments from ADIA and the Trust Bank for the first vintage of our Senior Direct Lending Strategy is a testament to the attractiveness of the opportunity set in the market and how well positioned AlbaCore is to take advantage of it,” said David Allen, Managing Partner and Chief Investment Officer at AlbaCore.
The Strategy will leverage AlbaCore’s deep knowledge of European corporate capital structures to build a diversified portfolio of senior direct lending investments, focusing on downside protection and delivering attractive risk-adjusted returns. The Strategy will also draw upon AlbaCore’s thorough bottom-up fundamental credit analysis to primarily finance senior private loans in upper-mid to large cap performing European corporates.
Hamad Shahwan AlDhaheri, Executive Director of the Private Equities Department at ADIA, said: “This anchor commitment presented the opportunity to grow our existing relationship with AlbaCore, which has established itself as a leading specialist European credit manager. AlbaCore’s Senior Direct Lending strategy is well placed to address the significant and growing demand from European corporates for private credit solutions.”
“We are excited to support the Strategy through this anchor investment. This strategic initiative aligns with that of our global asset management business, which is to expand our private product competitiveness globally in the direct lending space,” said Takafumi Ihara, Chief Executive, Asset Management & Investor Services Business Unit at the Trust Bank.
