AlbaCore Capital

What AlbaCore Capital does

AlbaCore Capital Group is a London-based alternative credit investment manager founded in 2016, operating as an affiliate of First Sentier Group since completing a strategic partnership in November 2023. The firm manages $10.0 billion in assets under management across European credit strategies, served to global institutional investors including sovereign wealth funds (notably ADIA), pension funds (PSP Investments), insurance companies, and Japanese trust banks (Mitsubishi UFJ Trust and Banking Corporation). Its senior investment team — David Allen (Managing Partner & CIO), Bill Ammons, Deborah Cohen Malka, Davide Chiesa, Luke Gillam, and Matthew Courey (President) — has invested together since 2010, including the 2010–2016 period at Canada Pension Plan Investment Board's Principal Credit Investments business.

The product platform spans Direct Lending, Capital Solutions, Dislocated Credit, Infrastructure Debt, CLOs, and Structured Products, organized around a proprietary six-pillar investment approach that emphasizes capital preservation, creative structuring, and partnership-style deal execution. The infrastructure-debt offering is delivered through a 2026 joint venture with MUFG Bank and seed funding from Mitsubishi UFJ Trust and Banking Corporation. The firm has issued seven European CLOs (the most recent at €406.5 million in March 2025) and offers a Carbon Conscious Investing (CCI) overlay providing third-party-verified carbon footprint reporting at portfolio and line-by-line level.

AlbaCore generates revenue through management fees and carried interest on its fund vehicles, with terms negotiated bilaterally with institutional investors rather than publicly disclosed. Distribution is conducted through direct institutional sales, fund placements, and strategic partnerships with major financial institutions (MUFG Bank, Mitsubishi UFJ Trust), with a particular emphasis on global pension, sovereign wealth, and insurance allocators seeking alternative credit exposure. Operating geographies focus on Europe (investments spanning 21 European countries), with growing international LP participation from the Middle East and Asia.

Name

AlbaCore Capital

Legal name

AlbaCore Capital LLP

Website

https://albacorecapital.com

Company type

Private

Founded year

2016

Operating status

Operating

Headcount range

51–100 employees

Short description

AlbaCore Capital Group is a London-based alternative credit manager (founded 2016, $10.0B AUM) investing across European direct lending, CLOs, infrastructure debt, capital solutions, and structured credit for global institutional investors and mid-to-large cap companies. It operates as an affiliate of First Sentier Group.

Ownership category

akta.pro rank

Product category

Alternative Credit Asset Management

NAICS

Portfolio Management and Investment Advice (523940), Credit Intermediation and Related Activities (522)

SIC

Asset-Backed Securities (6189), Investment Advice (6282)

akta.pro primary industry

Private Credit — Structured Credit (CLOs, ABS, Private Securitizations) (FSAHAJAH)

akta.pro secondary industries

Large-Cap / Sponsor Finance Direct Lending (FSANADAJ), Structured Credit Distressed (CLO/ABS/RMBS/CMBS) Funds (FSANAKAJ), Specialty Finance / Structured Credit (FSANADAE), Leveraged Finance & Loan Credit (Loans/Lev Loans/Loan CLOs) (FSAHAGAI)

Keywords

• Alternative credit
• Direct lending
• CLO management
• Infrastructure debt
• Capital solutions

Headquarters

HQ city

London

HQ country

United Kingdom

HQ region

Europe

Offices1 record

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Operations, Technology or R&D, Marketing or Sales, Others

Revenue model

1. Alternative Credit Fund Management: AlbaCore generates revenue through management fees and performance fees (carried interest) on its alternative credit funds including direct lending strategies, infrastructure debt, CLOs, and opportunistic credit vehicles. The firm manages $10.0 billion in assets under management across multiple fund vehicles.

Go-to-market motion1 record

Distribution channels3 records

Marketing channels4 records

Core offering

AlbaCore Capital Group is a London-headquartered alternative credit investment manager founded in 2016, managing approximately $10 billion in assets under management. The firm operates dedicated credit strategies spanning capital solutions, direct lending, dislocated credit, infrastructure debt, collateralized loan obligations (CLOs), and structured credit products for institutional clients and mid-to-large corporate borrowers.

Product overview

AlbaCore Capital Group is one of Europe's leading alternative credit specialists offering a unified platform of credit investment solutions. The core offerings include Direct Lending, Capital Solutions, Dislocated Credit, Infrastructure Debt, CLOs, and Structured Products—all unified under a disciplined investment philosophy focused on capital preservation and risk-adjusted returns. The firm has built its CLO platform (CLO I through VII) as a core product, enhanced by the 2021-launched Carbon Conscious Investing (CCI) strategy for ESG-integrated reporting. The 2025 Senior Direct Lending Strategy and 2026 Infrastructure Debt Platform (in partnership with MUFG Bank) represent new strategic initiatives expanding the product suite. All offerings are supported by the firm's six-pillar investment approach and are distributed through AlbaCore's institutional platform based in London.

Differentiator

Problem solved

Functional benefit

Brands

• Carbon Conscious Investing (CCI): A solution introduced in 2021 to provide transparency on a portfolio's estimated carbon footprint, providing quarterly and annual reporting on the carbon footprint of the portfolio as a whole as well as on a line-by-line basis

Products and services

• Capital Solutions
• Direct Lending
• Dislocated Credit
• Infrastructure Debt
• CLOs (Collateralized Loan Obligations)
• Structured Credit Products

Segments2 records

Ideal customer profiles2 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature1 record

Partnerships

Two partnerships are on record, tiered core.

• MUFG BankcoreStrategic or Co-development Partner · 5 March 2026Strategic partnership between AlbaCore Capital Group and MUFG Bank to create a European infrastructure debt platform offering both investment-grade and high-yield strategies. MUFG Bank provides global project finance origination capabilities while AlbaCore contributes mid-market expertise and fundraising capabilities. Seed funding secured from Mitsubishi UFJ Trust and Banking Corporation.
• First Sentier InvestorscoreStrategic or Co-development Partner · 15 November 2023Strategic partnership announced in March 2023 and completed in November 2023 between First Sentier Investors and AlbaCore Capital Group. First Sentier Group is a leading global investment firm. AlbaCore is an affiliate of First Sentier Group, which includes investment teams operating as separate legal entities or within the broader organizational framework.

Scale indicators8 records

Recent moves8 records

Expansion highlights5 records

Direct peers

• Hayfin Capital Management: London-based alternative credit manager offering direct lending, special situations, and CLO strategies to European mid-to-large cap companies. Closely comparable to AlbaCore in product mix, institutional LP focus, and geographic orientation.
• Pemberton Asset Management: European direct lending and private credit manager headquartered in London, focused on mid-market lending and credit solutions. Direct competitor to AlbaCore's direct lending franchise with overlapping institutional LP base.
• Muzinich & Co: Global credit specialist with strong European footprint offering corporate credit, structured credit, and private debt strategies. Comparable to AlbaCore's hybrid credit approach and institutional investor targeting.
• Permira Credit: European credit arm of Permira, providing direct lending and special situations financing. Directly comparable to AlbaCore's mid-to-large-cap European credit strategies and institutional fundraising approach.
• Bridgepoint Credit: European mid-market credit arm of Bridgepoint providing direct lending and special situations. Comparable niche focus on European mid-to-large cap credit with institutional LP base.

Broad incumbents

• ICG (Intermediate Capital Group): Large publicly-listed alternative asset manager with significant European credit activities including direct lending, CLOs, and structured credit. Overlaps with AlbaCore's product set but operates as a much larger, broad-based incumbent.
• Ares Management: Global alternative investment manager with a large European credit franchise spanning direct lending, CLOs, and structured products. Overlaps with AlbaCore's strategies as a broad incumbent with substantially larger AUM.
• Oaktree Capital Management: Global credit specialist with extensive European presence in leveraged finance, distressed debt, and CLOs. Overlaps substantially with AlbaCore's dislocated credit and structured credit capabilities as a broad incumbent.
• Blackstone Credit: Largest private credit manager globally with European direct lending and CLO activities. Provides scale-driven benchmark for AlbaCore's strategy suite, though at materially larger AUM.

Others

• Goldman Sachs Asset Management Credit: Large incumbent credit platform within Goldman Sachs AM, including direct lending and European credit strategies. Notable as the former employer of Luke Gillam (now AlbaCore's Head of Direct Lending) and a benchmark for institutional credit scale.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat4 records

Key risks5 records

Key highlights6 records

Customer concentration

• LinkedInlinkedin.com/company/albacore-capital-group

Revenue estimate

Valuation estimate

Number of profiles

Profiles6 records

Subsidiaries1 record

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments9 records

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about AlbaCore Capital