About This Fund
The Allianz Credit Emerging Markets (ACE) Fund is a USD 1 billion blended finance private credit vehicle managed by Allianz Global Investors (AllianzGI), targeting large-scale institutional investment in emerging markets to support the goals of the Paris Agreement and the UN Sustainable Development Goals. The fund reached its first close in January 2026 at USD 690 million in commitments, representing AllianzGI's fifth major blended finance vehicle and one of the largest blended finance funds of its kind to date. The strategy deploys private debt instruments into low-carbon sectors, with a focus on climate mitigation and transition-related financing across Africa, Latin America and the Caribbean, and Asia Pacific.
The fund is structured in two tranches: a senior tranche anchored by institutional investors including Allianz SE and Swiss pension fund GastroSocial Pensionskasse, and a junior first-loss tranche of approximately USD 150 million provided by development finance institutions (DFIs) and multilateral development banks (MDBs). Junior tranche participants include British International Investment (BII), IDB Invest, Global Affairs Canada, the Swedish International Development Cooperation Agency (Sida), and Impact Fund Denmark. The blended structure is designed to de-risk emerging market private credit exposure for institutional investors, enabling capital to flow into asset classes with traditionally higher perceived risk profiles.
ACE targets investments across renewable power, clean transport, smart agriculture, sustainable infrastructure, financial institutions, and select manufacturing activities aligned with the low-carbon transition. Approximately 40% of disbursements are earmarked for Africa, with the remainder allocated to Latin America and Asia. The fund is led by AllianzGI's Private Markets division under Edouard Jozan, with Ludovic Subran (CIO) overseeing the broader strategy. At first close, ACE was approximately 70% toward its USD 1 billion final close target, which remains open to additional institutional investors.