Allianz Global Investors (AllianzGI) has raised $744m (£641.4m) at the first close of its latest Asia-Pacific middle-market private credit fund.
The fund, Allianz Asia Pacific Secured Lending Fund III, is the third vintage in the firm’s Asia-Pacific middle-market lending strategy. It targets high-growth companies across South East Asia, South Asia, Oceania and selected Asia-Pacific markets, excluding China.
Read more: AllianzGI backs Kyotherm with €200m multi-currency debt facility
According to AllianzGI, the fund invests in sectors including healthcare, education, digital infrastructure and the energy transition, as well as businesses with defensive characteristics.
“We believe that Asia Pacific continues to offer a compelling opportunity set for private credit investors, particularly in the middle market where access to flexible capital remains limited,” said Sumit Bhandari, head of Asia private credit at Allianz Global Investors.
Read more: AllianzGI lands $270m for Asia-Pacific infra credit fund
“With our established deployment track record across the region our platform is well positioned to originate proprietary opportunities and provide flexible capital solutions to high-quality middle-market businesses.”
AllianzGI has built a dedicated Asia private credit platform since 2018 and manages around €97bn (£83.6bn) in private markets assets. Overall, the firm oversees €598bn in assets under management.
Read more: AllianzGI hits €1.2bn first close for second private debt secondaries fund
