An affiliate of the Public Sector Pension Investment Board has invested $740 million in a new European credit platform promoted by AlbaCore Capital.

AlbaCore will concentrate on private and public credit markets with significant pricing inefficiencies, such as European high yield, leveraged loans and direct lending.

Read: Ontario Teachers’, PSP increase stakes in sustainable investment firm

PSP Investments created the private debt asset class in November 2015, aiming to deploy $5 billion in debt financings around the world. The team has so far participated in more than 20 transactions in North America and deployed $2.4 billion.

“PSP Investments sees great opportunity in the European credit market and, as such, entered the market earlier this year with the hiring of Oliver Duff to lead our European private debt activities, which focus on sponsor-financed acquisitions, first liens, second liens and other debt instruments across the capital structure,” said David Scudellari, senior vice-president and head of principal debt and credit investments at PSP Investments, in a press release.

Read: PSP Investments acquires majority stake in consumer goods manufacturer

Copyright © 2020 Transcontinental Media G.P. Originally published on benefitscanada.com

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