Alcentra raises €690m

The firm’s distressed debt fund gains support from pension funds.

Alcentra has raised €690 million to date for its Alcentra Clareant Strategic Credit Fund.

The fund started fundraising in June 2015 with a €500 million target.

Investors of the fund include San Bernardino County Employees’ Retirement Association, the Korea-based Public Officials Benefit Association and the Boston City Retirement System.

The firm will use the capital to provide distressed debt to European companies.