Swiss Life Asset Managers has opened its infrastructure debt management solution to third-party investors with a plan to raise over a billion euros in additional capital for the fund.
The asset manager said the Swiss Life Loan Fund (LUX), SICAV-SIF - ESG Infrastructure Debt fund, which was initially managed on behalf of the insurance companies of the Swiss Life Group, is now open to institutional investors.
The fund – which aims to raise €2.5bn in total – has so far raised €1.5bn from insurer parent Swiss Life Group, the manager said, adding that €700m of the capital raised has already been deployed.
Daniel Berner, the head of securities at Swiss Life Asset Managers, said: “In line with our collaborative and sustainable investment philosophy, we wanted to open this expertise to investors.
“There is a natural alignment of interests between our clients, especially life insurers and pension funds, and the Swiss Life Group, which is invested in this asset class over the long term.”
Denis Lehman, CIO at Swiss Life Asset Managers France, said: “Infrastructure debt is a real asset class being attractive not only because of the prospects for robust and regular returns but also because of favourable treatment under Solvency II.
“Indeed, qualified infrastructure debt enables to save more than a third of the ‘cost’ in SCR (solvency capital requirement) than a traditional unrated bond. The asset class is suited for institutions with medium to long-term liabilities.”
Daniel Holtz, the head of credit at Swiss Life Asset Managers, said: “As an integral part of the overall Swiss Life Asset Managers’ Credit organisation, the infrastructure debt team can tap into a deep internal research pool with strong sector expertise ensuring thorough and comprehensive assessments.”
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