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The fund will adopt a highly conservative debt investment strategy focused on European senior credit, the firm says.
The firm’s quarterly trading statement said it expects initial commitments to its next debt fund to close soon.
The alternative lender also invests in non-sponsored companies from a separate fund that closed on a similar amount two years ago.
The asset manager’s partnership with LCL bank will aim to provide mid-cap companies with acquisition finance.
The French manager is already targeting the launch of its fifth instalment this year, with the fund 65% invested.
The platform, which includes a commingled fund and separately managed accounts, beats a €2.5bn target and is €1bn larger than the predecessor fund.
The firm intends to raise €2bn by the end of the year, and said there are huge opportunities as banks continue to dispose of non-core assets.
The firm has garnered more than $100m to date for its second direct lending fund.
The fund will lend money to firms offering access to clean energy solutions for both households and business in emerging markets.
Overall fundraising took a tumble in 2019 but it was a strong year for vehicles targeting distressed debt.