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PEI Group Data
The fund is said to seek $4.5bn; LP commitments include the Rhode Island State Treasury and Vermont Pension Investment Commission.
Including leverage and other capital, the fund has an investment capacity of up to $8bn in total commitments.
The fund is thought to be one of the largest ever raised for private debt investment in Europe.
The fund is on the hunt for managers as it begins to implement its 10-year investment plan
The fund is backed by a joint venture between Park Square and Sumitomo Mutsui Banking Corporation.
The firm’s entry into private debt with a direct lending fund will target sponsored and non-sponsored companies.
Teachers Retirement System plans to allocate as much as $1.2bn for distressed debt and direct lending.
TPG says it has expanded its sponsor network and completed almost 200 transactions.
Nearly $20bn of Ares’ $26bn worth of commitments came from its credit business.
The firm's credit AUM is up 25% year-on-year as it chases an overall $40bn fundraising goal, across funds and strategies, for 2024.