Sergio Padilla
The fund has begun investing and will target borrowers with $50m-$100m in EBITDA.
The blockbuster capital partnership is the third of its kind in the last two months.
Pension fund is looking to nearly double its private debt allocation to 10% over the next three years.
Insurer will control US manager MGG, and its JV with Natixis will create Europe’s largest asset manager by revenue.
Private debt occupies a good position to capitalise on opportunities, but faces increased competition.
Sponsor-backed companies' share of overall defaults surged to the highest ever, while Fitch found LMEs and distress depressed recovery numbers.
Pockets of distress in the consumer sector may result in restructurings in 2025.
Aspida, which also sells annuities, has grown to $19bn in assets with support from Ares.
The instrument sets a high bar for mid-market CLO closings in 2025.
The fund closed well above its $1.25bn target and is twice as large as its predecessor.