Allianz Global Investors has raised €270m at first close for a newly launched core European infrastructure debt fund.

Allianz Euro Core Infrastructure Debt Fund, which is targeted at investors wishing to make smaller commitments to infrastructure debt, will co-invest with existing Allianz Group companies and third party accounts.

The manager said the fund will invest across Europe in all core infrastructure sectors, including transport, regulated utilities and renewables.

Claus Fintzen, CIO, infrastructure debt at Allianz Global Investors, said: “This latest fund launch provides yet another access route to the unique cash-flows available to investors through our market-leading infrastructure debt platform.

“With over 65 transactions in 17 countries under our belt, investor demand for this new fund underlines how investing in infrastructure debt has quickly become an integral part of institutional investor allocations.“

Allianz Global Investors now manages in excess of €13bn in infrastructure debt.