European credit specialist AlbaCore Capital Group has held the final close of its third flagship fund, AlbaCore Partners III Fund, with €2.2 billion in capital commitments, exceeding its €2 billion target.
European credit specialist AlbaCore Capital Group (AlbaCore) has held the final close of its third flagship fund, AlbaCore Partners III Fund (Fund III), with €2.2 billion in capital commitments, exceeding its €2 billion target.
The re-up rate between AlbaCore Partners II and III was 96%. Including available leverage, AUM for Fund III totals approximately €2.4 billion.
Fund III will follow a similar strategy as its predecessors, with a goal of delivering capital growth for investors by leveraging strategies across the firm’s expertise, including private capital solutions, opportunistic credit, and dislocation.
AlbaCore has already invested ~€2.6 billion of capital from Fund III, inclusive of recycling. Investments made this year include private senior secured financings, dislocated secondary positions, private LBO financings, and most recently a focus on senior secured capital for companies seeking financing options while other traditional credit markets are largely shut. The firm anticipates recycling capital through the three-year investment period of Fund III as market conditions evolve.
