La Banque Postale Asset Management (LBPAM) has so far reached €533 million for two debt funds dedicated to infrastructure and real estate, sister publication Real Estate Capital reported.
The firm has not specified the breakdown between the two funds, although it is understood that the total raised is split relatively evenly, putting the amount allocated to both infrastructure and real estate at around or just over €250 million.
A second close is targeted during Q2 2016 and the ultimate target for both the real estate and infrastructure funds is €900 million.
The two funds have been raised simultaneously by LBPAM’s private debt team, which was established in 2012 to focus on investments in debt secured by real assets. The firm has already invested its maiden infrastructure and real estate debt funds, with around €1.2 billion invested across its private debt platform including multi-investor and dedicated funds.
French insurer CNP Assurances is the principal sponsor of the new funds, as was the case in LBPAM’s previous funds.
“These funds meet the expectations of our institutional clients in diversification into yield-producing real assets providing a quality risk profile. Private debt investment is also particularly relevant in volatile market periods,” said René Kassis, head of private debt management at LBPAM.