Allianz holds EUR 520m first close for PE fund

Harriet Matthews
26 October 2021

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Allianz Capital Partners has held a EUR 520m first close for Allianz Private Equity Fund (APEF).

Allianz Capital Partners is part of Allianz Global Investors (Allianz GI).

The Luxembourg-domiciled vehicle was launched in February 2021 and expects to hold a final close in 2022. The vehicle has not yet set a target.

The fund is intended to provide institutional access to Allianz's existing PE investment programme.

Allianz will provide at least 50% of the overall capital committed to each investment from the fund.

Allianz has run a private equity programme since 1986 and now has EUR 22bn in PE assets under management in its programme. The firm has offices in New York, Singapore and Munich.

The GP is also raising a debt fund, as reported. The firm held a EUR 500m first close for its Global Diversified Private Debt Fund in September 2021 against a EUR 1.5bn target.

Investors
APEF is backed by institutional investors and is the first vehicle to which external investors have had access. Institutional investors including insurance companies, pensions funds and family offices have backed the fund. The minimum commitment is EUR 5m.

Investments
The fund will target primary fund investments, secondary LP stakes and co-investment deals. The fund aims to build a diversified portfolio in terms of regions, strategies, sectors and vintage years. It will target North and South America, Europe and Asia, and will make growth and buyout co-investments. The firm also makes selective venture capital investments in Asia.

The vehicle will follow the same strategy as, and invest alongside, Allianz's core PE programme, which makes investments of EUR 40m-200m per deal.

People
Allianz Capital Partners – Michael Lindauer (co-head of private equity).