Fundraising

The real estate debt market dusts itself off and seeks to put capital to work.

The fund has begun investing and will target borrowers with $50m-$100m in EBITDA.

The London start-up looks to mid-market leveraged buyouts and receives SMA commitments.

The two firms have today announced separate ELTIF 2.0 funds targeting wealth managers and their clients.

The fund, which beat its target by more than $1bn, will build on tech-enabled services expertise.

The firm’s first closed-end debt fund is now more than half way to reaching its $500m target.

Principal Asset Management says the new appointment will help expand its alternatives business, which focuses on private debt and real assets.

The fund will continue the firm’s strategy of backing non-sponsored businesses in transition and taking a private equity-style approach to engagement.

The fund is thought to be one of the largest ever raised for European private debt and, with associated vehicles and leverage, will have around €30bn of deployable capital.

The instrument sets a high bar for mid-market CLO closings in 2025.