AllianzGI Closes AICOF II at EUR 1.5 Billion

In Short

Allianz Global Investors (AllianzGI) has reached the final close of the Allianz Infrastructure Credit Opportunities Fund II (AICOF II) at EUR 1.5 billion.

What Happened

AllianzGI said AICOF II closed above its initial target of EUR 1 billion in investor commitments.

The fund is the second vintage of the AICOF strategy. AllianzGI said the strategy was launched in June 2024 and held its first close in December 2024.

AICOF II invests in infrastructure debt. That is lending to infrastructure projects and companies rather than buying their shares. AllianzGI said it invests in both senior and subordinated infrastructure debt across different layers of the capital structure.

AllianzGI said the fund’s investment focus is on Energy, Transport, Communication, Environmental, and Social infrastructure, with a focus on Europe.

AllianzGI said AICOF II has attracted commitments from a diversified international institutional investor base across Europe and Asia. It also said the fund is already advanced in its deployment, with around EUR 1 billion of fund commitments so far and investments made in sectors including energy transition, digital, and social infrastructure.

Matthew Norman, Head of Infrastructure Debt at Allianz Global Investors, said: “Decarbonisation and digitalisation continue to reshape infrastructure and create a broad range of investment opportunities.”

Benjamin Walter, Lead Portfolio Manager AICOF II, said the fund is “already well advanced in its deployment” and that the team is “looking to add further diversification to the portfolio.”

Why It Matters

The close at EUR 1.5 billion points to institutional demand for infrastructure debt strategies that can invest across sectors and across senior and subordinated debt.

AllianzGI also said it plans to launch a successor fund to continue and further develop its infrastructure debt investment approach.

AllianzGI said it manages around EUR 100 billion in private markets as at 30 June 2026.