Frankfurt-based DWS has announced the first close of its new closed-ended European Direct Lending fund, achieving first commitments of about €350m from investors across Europe and Asia including family offices, insurance and pension asset managers.
The fund is expected to be a third invested at first close and is targeting a final close of €500-€700m by year end.
Deutsche Bank-owned DWS manages about €130bn across investment grade, hybrid, high yield and bank loan strategies.
The Fund will co-invest alongside Deutsche Bank’s European Direct Lending business into senior, European mid-market private loans.
Marcus Herbig, head of structured income at DWS, said: “We set out to provide investors with a highly differentiated offering which has been validated by the breadth and calibre of investors, including first-time Direct Lending investors that have chosen to invest with us in the strategy.”
Deutsche Bank’s European Direct Lending business is a part of its Global Financing & Credit Trading unit and has led investments of more than €5bn across senior and opportunistic credit since 2012.
