Amundi has expanded its private debt business to include real estate.

The French investment manager said it would begin investing in real estate debt to help the meet the needs of its institutional clients.

Established in 2012, Amundi’s private debt business had €5.5bn in assets under management at the end of September. Amundi last year merged its real estate, infrastructure, private debt, private equity and alternative multi-management.

The private real estate debt activities will be led by Bertrand Carrez, who joined Amundi from ACOFI Gestion in September.

Pedro-Antonio Arias, director of real and alternative assets, said: “With the addition of this new real estate debt management expertise, the real and alternative asset platform now offers a complete range of real estate solutions to its clients.”

Thierry Vallière, director of private debt activities at Amundi, said: “In a context of persistently low-interest rates, Amundi offers attractive and diversified investment solutions to its clients who contribute to the financing of the real economy.”

The Paris-headquartered firm said it has successfully closed its third senior corporate debt fund, raising €665m from 13 institutional investors.