Allianz raising 1.5b Euro global private credit fund

Allianz Global Investors, the money management division of insurance company Allianz, is planning to raise at least 1.5 billion euros for a new global private credit fund. The fund, called Allianz Global Diversified Private Debt Fund II, aims to secure enough capital to start making investments before the end of the year.

Private credit funds have been attracting investors, with more than $130 billion raised in 2023 so far. Allianz's insurance business, after increasing its allocation to alternative investments, is now focusing on vanilla bonds due to rising interest rates.