AlbaCore Capital, a credit firm set up by former Canadian Pension Plan Investment Board managing director David Allen, has raised €1.5bn from investors for its maiden fund, FN's sister publication Private Equity News reports.

The fund, which exceeded its €1bn target, is one of the largest first-time credit funds, underscoring the strength of investor appetite for the asset class. Last year, private debt firms globally raised $52.7bn, the second best fundraising year on record, according to LP Source, a Dow Jones data provider.