Investec Alternative Investment Management (IAIM) has raised €600m (£520.7m) for its second private debt vehicle at final close, as the firm looks to expand its investment activities in the sector.
According to Investec’s asset management business, the fund was oversubscribed and more than double the size of its first vintage, which closed at €250m in 2022.
Following the close of the fund, Investec said it intends to continue expanding its alternative investment activities across the private credit spectrum, having originated more than €10bn in loans across more than 380 investments to date.
Read more: Carlyle backs €400m Investec private credit fund launch
The Investec Private Debt Fund II (PDF II) is a closed-ended fund providing senior secured and subordinated debt to private equity-backed and corporate-backed businesses with EBITDA of between €3m and €50m.
“The successful final close of PDF II represents a strong endorsement of Investec’s direct lending strategy and the team’s strong track record having invested together over the last 15 years,” said Callum Bell, head of IAIM and direct lending. “We are excited to continue our rapid growth in client AuM commitments, continuing our successful journey with our original investors and bringing on new strategic partners.”
Read more: Investec appoints private credit director in Europe
The Article 8 fund’s primary geographic focus is the UK, Ireland, Benelux and the DACH region, and it will target growth-oriented businesses.
IAIM said the second private debt fund attracted investors from both existing relationships and new strategic partners.
Read more: Investec drives European direct lending sales with new hire
