Allianz Global Investors has closed the Allianz Infrastructure Credit Opportunities Fund II at 1.5 billion euros of commitments from institutional investors in Europe and Asia, exceeding its original 1 billion euro target by 50 percent.
The fund is the second vintage of a strategy launched in June 2024, which held its first close in December 2024. It invests in senior and subordinated infrastructure debt at different layers of the capital structure, across energy, transport, communications, and environmental and social infrastructure.
Deployment is already well advanced, with about 1 billion euros committed to date in sectors including energy transition, digital and social infrastructure. That pace matters for a credit fund: most of the capital is already earning rather than waiting for deal flow, which shortens the drag between commitment and return for its investors.
AllianzGI said it expects to launch a successor fund to continue the strategy. The close sits alongside Blackstone’s European direct lending close in the same week as evidence that institutional allocators are still adding to European private credit mandates, with infrastructure debt at the more defensive end of that allocation.