David Allen’s AlbaCore Targets €2 Billion in Senior Lending Push
- Credit specialist is building senior secured private loan fund
- Buyout firms increasingly fund acquisitions with direct loans
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AlbaCore Capital LLP is looking to raise more than €2 billion ($2.2 billion) for a new senior direct-lending strategy, people with knowledge of the matter said.
The fresh fund — which will likely close next year — seeks to compete with managers from the likes of Ares Management Corp. and Intermediate Capital Group Plc. to finance European leveraged buyouts by providing senior secured loans, according to the people, who aren’t authorized to speak publicly.