Investment firm abrdn has raised an initial £205m (€238.6m) for a new semi-open-ended UK commercial real debt fund which aims to grow to £1bn in commitments.

The manager said the newly launched Commercial Real Estate Debt II (CRED II) evergreen fund has been created to invest in a ”diversified portfolio of predominantly senior, investment-grade real estate debt assets”.

The fund’s £205m first close was backed by public and corporate pension schemes in the UK, Abrdn said, adding that a number of prospective clients are “considering the upcoming second close, as the fund is offering an early bird discount until September 2022”.

Craig MacDonald, global head of fixed income at Abrdn, said: ”Our private credit offering has evolved considerably over the past few years. We listen to our clients and have designed products and solutions with their needs in mind.

“CRED II is no exception, combining the track record of CRED I with the attractive market opportunity we’re seeing in this space.”

To read the latest edition of the latest IPE Real Assets magazine click here.