AllianzGI Raises €1.5 Billion for Secondary Private Credit Fund

Allianz Global Investors has raised €1.5 billion ($1.54 billion) for a fund that buys private credit stakes on the secondary market.

The firm has exceeded its initial fundraising target of €500 million for the strategy that buys positions in direct-lending funds from institutional investors at a discount, according to a statement.

A burst of trading in the secondary market is the latest development for the $1.6 trillion private credit industry, where some funds have excessive cash amid the deal drought. Allianz GI joins firms including Apollo Global Management Inc. and Ares Management Corp who have sizable funds dedicated to this ...