Mandatum Asset Management is taking advantage of the recent sell-off in software companies after raising €300m (£261.8m) for its second credit opportunities fund.
The asset manager announced the first close of the Mandatum Credit Opportunities II fund (MAMCO II), adding that it has already begun investment activity with its first allocations to the secondary market.
These investments targeted opportunities created by the recent sell-off, particularly in the software and IT services sectors.
The move comes after private credit firms with exposure to software companies experienced a sell-off in February amid concerns about the potential threat posed by artificial intelligence, with the uncertainty continuing to spill over into the market.
Mandatum also said that, alongside the secondary market investments, one transaction has been completed in the direct lending segment, with a second deal currently being finalised.
Launched in January this year, the Mandatum Credit Opportunities II fund operates across both public and private credit markets in Europe and the Nordics.
Read more: Ares tops $9.8bn for opportunistic credit strategy
“Successfully completing the first closing in the current market environment is a significant achievement and a clear indication of our clients’ strong confidence in our expertise in this asset class,” said Alexander Gallotti, head of leveraged finance at Mandatum.
Finnish-based Mandatum is a financial services provider combining asset and wealth management as well as life insurance expertise, investing across credit and alternative assets.
“MAMCO II further complements Mandatum’s broad range of credit and alternative investment solutions and is particularly well suited to uncertain market conditions,” said Janne Sarvikivi, EVP, asset and wealth management. “The successful fundraising demonstrates that investors value Mandatum’s long-term, cycle-aware approach to credit investing.”
Read more: Blue Owl inks $2.9bn for asset-based special opps fund
