Key Takeaways
- • AlbaCore Capital Group launched its Senior Direct Lending Strategy after completing a first close with an expected $1.8 billion in investable capital.
- • Anchor commitments came from a wholly owned subsidiary of the Abu Dhabi Investment Authority (ADIA) and Mitsubishi UFJ Trust and Banking Corporation.
- • The Strategy will primarily finance senior private loans to upper-mid to large cap performing European corporates, with a focus on downside protection.
- • AlbaCore, founded in 2016 and part of First Sentier Investors Group, reported US$9.0 billion in AUM as of December 31, 2024.
Summary
European credit specialist AlbaCore Capital Group ("AlbaCore") has launched a new Senior Direct Lending Strategy ("the Strategy"), according to a company announcement distributed by Business Wire. The firm has completed the first close of the Strategy, bringing together an expected $1.8 billion in investable capital. Anchor investments were secured from a wholly owned subsidiary of the Abu Dhabi Investment Authority (ADIA) and from Mitsubishi UFJ Trust and Banking Corporation (the "Trust Bank").
AlbaCore David Allen, Managing Partner and Chief Investment Officer, said the commitments for the first vintage reflect the attractiveness of the opportunity set in the market and AlbaCore's positioning to capitalize on it. The Strategy will draw on AlbaCore's knowledge of European corporate capital structures to build a diversified portfolio of senior direct lending investments, emphasizing downside protection and attractive risk-adjusted returns. It will rely on bottom-up fundamental credit analysis to primarily finance senior private loans to upper-mid to large cap performing European corporates.
Hamad Shahwan AlDhaheri, Executive Director of the Private Equities Department at ADIA, said the commitment grows an existing relationship with AlbaCore, which he described as a leading specialist European credit manager. He added that the Strategy is well placed to address significant and growing demand from European corporates for private credit solutions. Takafumi Ihara, Chief Executive of the Asset Management & Investor Services Business Unit at the Trust Bank, said the investment aligns with the global asset management business's aim to expand its private product competitiveness in direct lending globally.
AlbaCore, founded in 2016, is part of the First Sentier Investors Group and manages US$9.0 billion in AUM as of December 31, 2024 for pension funds, sovereign wealth funds, insurers, family offices and endowments. First Sentier Investors, which was acquired by Mitsubishi UFJ Trust and Banking Corporation in August 2019, reported US$134.9 billion in assets under management as of the same date.
AlbaCore David Allen, Managing Partner and Chief Investment Officer, said the commitments for the first vintage reflect the attractiveness of the opportunity set in the market and AlbaCore's positioning to capitalize on it. The Strategy will draw on AlbaCore's knowledge of European corporate capital structures to build a diversified portfolio of senior direct lending investments, emphasizing downside protection and attractive risk-adjusted returns. It will rely on bottom-up fundamental credit analysis to primarily finance senior private loans to upper-mid to large cap performing European corporates.
Hamad Shahwan AlDhaheri, Executive Director of the Private Equities Department at ADIA, said the commitment grows an existing relationship with AlbaCore, which he described as a leading specialist European credit manager. He added that the Strategy is well placed to address significant and growing demand from European corporates for private credit solutions. Takafumi Ihara, Chief Executive of the Asset Management & Investor Services Business Unit at the Trust Bank, said the investment aligns with the global asset management business's aim to expand its private product competitiveness in direct lending globally.
AlbaCore, founded in 2016, is part of the First Sentier Investors Group and manages US$9.0 billion in AUM as of December 31, 2024 for pension funds, sovereign wealth funds, insurers, family offices and endowments. First Sentier Investors, which was acquired by Mitsubishi UFJ Trust and Banking Corporation in August 2019, reported US$134.9 billion in assets under management as of the same date.
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