AllianzGI Secures $690 Million for New Blended Finance Fund

Allianz Global Investors has secured $690 million in capital for a newly launched fund designed to combine private and public capital for climate initiatives.

The commitments mean the Allianz Credit Emerging Markets fund is roughly 70% of the way toward hitting its target of $1 billion, according to a statement on Tuesday. The fund has won financial backing from British International Investment, which together with multilateral development banks is providing a total of $150 million in concessionary capital for the junior tranche, the statement said.

Blended finance is a model designed to attract private capital by having public investors ...