AlbaCore Capital Group launched its new Senior Direct Lending Strategy with anchor backing from the Abu Dhabi Investment Authority (ADIA) and Mitsubishi UFJ Trust and Banking Corporation.

The strategy reached $1.8bn in investable capital at first close, positioning AlbaCore to expand its footprint in the European private credit space.
The new strategy targets senior direct lending to upper mid- and large-cap performing European corporates. Leveraging its deep expertise in credit and bottom-up fundamental analysis, AlbaCore aims to deliver strong downside protection and attractive risk-adjusted returns.

“This anchor commitment is a testament to the strength of the opportunity set and AlbaCore’s positioning to capture it,” said David Allen, Managing Partner and CIO at AlbaCore.

ADIA’s Executive Director Hamad Shahwan AlDhaheri noted the strategic fit with the sovereign investor’s growing relationship with AlbaCore. “This strategy is well placed to meet the rising demand from European corporates for private credit solutions,” he said.

Takafumi Ihara, Chief Executive at the Trust Bank, added: “This initiative aligns with our aim to expand our private product competitiveness globally in the direct lending space.”

Founded in 2016, London-based AlbaCore manages $9bn in assets on behalf of global pension funds, sovereign wealth funds, insurers, consultants, family offices, and endowments. The firm is part of the First Sentier Investors Group and invests across private capital, dislocated credit, CLOs, and structured products.