November 8, 2017 / 1:59 PM / 2 years ago

LPC-AlbaCore raises €855m for credit investment strategy

Nov 8 (Reuters) - European investment firm AlbaCore Capital has raised €855m for its debut credit fund, according to market sources.

The firm is aiming to raise more than €1bn for the fund, titled AlbaCore Partners I, at the beginning of next year.

So far, the firm has deployed around €750m and as of September 30 the fund’s year to date net performance is 17.3%.

Founded last year by David Allen, who previously managed Canada Pension Plan Investment Board’s European principal credit fund, AlbaCore invests in private debt and opportunistic credit across Europe.

Canada-based pension investment manager PSP Investments provided a €500m seed investment to the debut fund. (Editing by Christopher Mangham.)

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