(Bloomberg) -- AlbaCore Capital LLP is looking to raise more than €2 billion ($2.2 billion) for a new senior direct-lending strategy, people with knowledge of the matter said.
The fresh fund — which will likely close next year — seeks to compete with managers from the likes of Ares Management Corp. and Intermediate Capital Group Plc. to finance European leveraged buyouts by providing senior secured loans, according to the people, who aren’t authorized to speak publicly.
A spokesperson for AlbaCore, founded in 2016 by former Canada Pension Plan Investment Board executive David Allen, declined to comment.
Senior lending has been among the fastest growing areas within the ballooning $1.7 trillion private credit industry. Increasingly, buyout firms such as CVC and KKR & Co. seek to fund their acquisitions through the direct-lending market.
London-based AlbaCore, which manages about $9.4 billion of assets, has traditionally focused on higher-yielding debt such as capital solutions and opportunistic credit. First Sentier Investors bought a majority stake in the firm last year.
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