Paris headquartered La Banque Postale Asset Management (LBPAM) has achieved the first closing of its new infrastructure and real estate debt funds, having raised a total of €553m.
LBPAM aims to develop itself on the private debt segement with the launch of those two funds dedicated to institutional clients.
Both strategies, seeded by French insurance group CNP Assurances, target to invest in European senior debt on primary and secondary markets.
The second closing of the funds is expected during Q2 2016.
LBPAM’s team focusing on structured debt products has been established in 2013 and is led by René Kassis. It currently manages €1.8bn in assets.
As the merger between Fédéris Gestion d’Actifs and LBPAM will soon be completed, a new corporate debt fund is to be launched with a first closing expected before mid-2016.
Kassis said that following the merger, the structured debt products’ team of LBPAM will manage roughly €3bn.