fundraising

The firm plans to introduce its first real estate debt offering after rebranding its property business this month.

In recent years, fundraising has piled into the larger private debt funds – creating an elite of capital gathering powerhouses. Catalin Voloseniuc of SEE Credit Partners says its time to consider other options.

The fund, which had a target of $1bn, attracted investors who were all new to the firm's debt platform.

Heavily invested legacy vintages might suffer more than funds in market, with the jury still out on whether this crisis will be sharp and short like the GFC, or sharp and longer-lasting running through various cycles.

First-time fund managers are set to have an even tougher time on the fundraising trail amid the pandemic, but there could be opportunities for those raising capital on a deal-by-deal basis.

The funds offer investors two strategies of varying risk and are targeting gross returns ranging between 9% and 14%.

The London-based firm is also preparing to launch a CLO as it makes plans for an unpredictable year in the credit markets.

The vehicle will aim to generate strong risk-adjusted returns regardless of broader market conditions.

The firm has already raised €500m from European investors and will now pitch the vehicle to Australian LPs.

First Eagle Alternative Credit has wrapped up its first fund since being formed from First Eagle Investment Management’s acquisition of THL Credit last month.