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Amundi adds real estate debt, closes third fund

The firm’s real estate debt business launch follows hot on the heels of its latest private debt fund close.

France-based asset manager Amundi is expanding its private debt platform’s scope into the real estate debt market, according to Real Estate Capital’s sister title, Private Debt Investor.

Amundi said it will launch a new line in private real estate debt management to be led by Bertrand Carrez, who joined the company in September. Carrez was previously director of real estate debt at La Française AM.

The asset manager intends to launch a dedicated private real estate debt fund in the first half of 2018, but did not provide details on how much it would look to raise.

Pedro-Antonio Arias, Amundi’s director of real and alternative assets, said: “With the addition of this new real estate debt management expertise, the real and alternative asset platform now offers a complete range of real estate solutions to its clients.”

The move comes just a year on from Amundi’s decision to merge its real asset and alternative assets businesses under a single roof. The new division combined private equity, private debt, real estate and infrastructure with €34 billion in combined assets across 200 investments.

A statement from Amundi added the firm was looking to develop a broad range of solutions for its private debt clients following the closure of its third fund.

The Amundi Dette Senior FPE III fund has closed with €665 million raised from 13 institutional investors. The fund launched with a target of €700 million.

It will support French and European small and medium-sized enterprises with an average turnover of €300 million and a minimum EBITDA of €7 million. It will invest in all sectors except financials and plans to make between 30-40 total investments to help firms refinance or invest.