US global investment management firm BlackRock aims to raise at least $300 million up to $500 million for its first Asian private credit fund, the Private Debt Investor (PBI), reported.
Dubbed “Asia-Pacific Private Credit Opportunities Fund I”, it will be co-managed by Neeraj Seth, head of Asian fixed income at BlackRock, and Justin Ferrier, a managing director.
Pre-marketed at the end of 2016, the Pan-Asia fund will deal mainly on senior secured loans in the mid-market and might consider investing in stressed deals in selected countries.
The new vehicle was launched last month and would prefer low- to high-teen returns with a typical deal size between $20 million to $50 million, PBI added.
Founded in 1988, BlackRock is listed on the New York Stock Exchange with asset under management of about $5.4 trillion as of March 31, 2017.
BlackRock recently reported that it attracted nearly $65 billion in new cash from clients in the first quarter.
BlackRock’s last trading price increased 0.21 per cent or $0.85 to close at $407.02 per share on Tuesday (May 30).