Allianz Global Investors has raised a $690 million in its first close for its Allianz Credit Emerging Markets (ACE) fund, a vehicle aimed at mobilizing institutional capital to support the low-carbon economic transition across Africa, Latin America, and Asia, according to a LinkedIn post by British International Investment (BII) Investment Director Michael Sanni.
BII, the UK’s development finance institution, said it is serving as an anchor investor in the fund’s first close. The investor group at first close also includes Allianz, GastroSocial, IDB Invest, Global Affairs Canada, Sida, and Impact Fund Denmark (formerly IFU), Sanni said.
The ACE fund is targeting $1 billion in total commitments. The strategy is focused on directing credit into emerging markets, where the energy transition and climate-resilient development are expected to require significant long-term financing. By emphasizing a credit approach, the fund is positioned to provide financing to companies and projects seeking capital for decarbonization and transition-related initiatives, while offering institutional investors exposure to emerging markets credit opportunities tied to climate and impact themes.
Sanni said BII led an internal team to execute the commitment and described the first close as a milestone in mobilizing additional institutional capital toward the low-carbon transition in key regions. He also congratulated members of the Allianz Global Investors team and partners involved in the raise, including Leticia Ferreras Astorqui, Edouard Jozan, Sebastian Schroff, Matt Christensen, Nadia Nikolova and Wee Kii Teh, as well as the broader group supporting the fundraising effort.
The first close signals continued investor interest in climate- and impact-aligned strategies that pair institutional-scale fundraising with deployment in emerging markets. With a stated $1 billion target, ACE is expected to continue fundraising as it builds its pipeline across Africa, Latin America, and Asia.
