Allianz is reportedly aiming to launch a new global private credit fund in Luxembourg holding at least €1.5 billion in capital for investments.

According to company filings, Allianz Global Diversified Private Debt Fund II (AGDPDFII) was established in June.

A spokesperson for the insurer told Reuters that Allianz Global Investors, its money management division responsible for the fund, aims to have secured enough capital for the second iteration of such fund to begin making investments by year-end.

The fund is understood to have been established to meet growing investor interest in the private credit market. Having grown six-fold since the Global Financial Crisis, the current market has a valuation of around $1.5 trillion as of September 2022 according to data from Preqin.

The first iteration of AGDPDF concluded its final close in April, exceeding its €1.5 billion target fund size with a close of around €3.3 billion.

Marc Smid, senior portfolio manager private debt at Allianz Global Investors said at the time: "We are very grateful for the trust and large interest received from our clients who can benefit from our strong market position to gain access to private debt opportunities worldwide.”

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