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Laxman Pai, Opalesque Asia:

European credit specialist AlbaCore Capital Group has held a final close on its third flagship fund, AlbaCore Partners III Fund, on EUR 2.2bn ($2.3bn), surpassing its EUR 2bn target.

The London-based alternative investment manager said in a media release that the re-up rate between AlbaCore Partners II and III was 96%. Including available leverage, AUM for Fund III totals approximately €2.4 billion.

The new flagship fund - which also holds €200 million of leverage - invests in private deals such as leveraged buyouts as well as providing financing for companies when conventional debt market options are closed.

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, the release said.

"Despite a challenging environment, the number of investors that have continued their partnership with AlbaCore in Fund III is a testament to the priority we've placed on building long-term relationships," said David Allen, Managing Partner and Chief Investment Officer, AlbaCore.

According to the press note, the breadth of opportunities in 2022 has allowed Fund III to utilize the full flexibility of the strategy. Investments made this year include private senior secured financings, dislocated secondary positions, private LBO financings, and most recently ......................

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