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AllianzGIs second private debt secondaries fund holds first close at EUR 1.2 billion

  • The Allianz Private Debt Secondaries Fund II (APDS II) had its first close at EUR 1.2bn, including related transaction vehicles
  • The APDS II allows institutional clients to invest in secondary opportunities globally, continuing the successful track record of its predecessor
  • The APDS I held its final close in December 2024 at EUR 1.5bn

5 December 2025 | Allianz Global Investors (AllianzGI) today announced the first close of the global Allianz Private Debt Secondaries Fund II (APDS II) including related transaction vehicles at EUR 1.2bn. The APDS II builds on the successful track record of its predecessor with strong interest from many current international institutional investors. The APDS I was launched in September 2022 and held its final close in December 2024.

In line with the predecessor strategy, the APDS II focuses on senior opportunities, selectively complemented by opportunistic positions and aims to build a diversified portfolio across managers, sectors, and geographies. Thanks to AllianzGI´s strong private debt program and in combination with its large international network, APDS II´s investors can benefit from access to attractive secondary opportunities targeting the US, Europe, and Asia.

Alexandra Auer

Alexandra Auer, Head of Distribution EMEA, says: "The private debt secondaries market has experienced substantial growth over the past two years with many investors looking for flexibility and portfolio optimization. AllianzGI was among the first asset managers to introduce a secondary strategy three years ago. We are proud to have strengthened our leading position and deeply appreciate the trust and strong interest our existing clients have shown in our successor fund, APDS II.”

Joaquin Ardit

"Secondaries are becoming a key element of many institutional investors´ portfolios and we expect private debt secondaries continue to grow in the coming years. As a result, we see strong investment potential for private credit particularly and look forward to seizing many new attractive opportunities for our clients.” adds Joaquín Ardit, Lead Portfolio Manager Allianz Private Debt Secondaries.


AllianzGI is offering a broad range of investment solutions and manages c. EUR 97bn in private markets.


Contact:

Pia Gröger
Tel: +49 89 1220 8267
Email: pia.groeger@allianzgi.com 

Marion Leblanc-Wohrer
Tel: +33 17305 7791
Email: marion.leblancwohrer@allianzgi.com


About Allianz Global Investors

Allianz Global Investors is a leading active asset manager with more than 700 investment professionals in 21 offices worldwide, and managing EUR 580 billion in assets. We believe that with every change comes an opportunity. Our goal is to actively shape the future of investing for all our clients, wherever their location and whatever their objectives. Curious and active in everything we do, we aspire to generate impact beyond alpha, steering our clients’ assets towards the right place at the right time, and building solutions that draw on capabilities across public and private markets.

Our focus on protecting and growing our clients’ assets allows us to create trusted partnerships, underpinned by a commitment to sustainability and driving positive change.

Allianz Global Investors
Data as at 30 September 2025. Total assets under management are assets or securities portfolios, valued at current market value, for which Allianz Global Investors companies are responsible vis-à-vis clients for providing discretionary investment management decisions and portfolio management, either directly or via a sub-advisor (these include Allianz Global Investors assets which are now sub-advised by Voya IM since 25 July 2022). This excludes assets for which Allianz Global Investors companies are primarily responsible for administrative services only. Assets under management are managed on behalf of third parties as well as on behalf of the Allianz Group.

Private debt investments are highly illiquid and designed for professional investors pursuing a long-term investment strategy only.
This document is not a contractually binding document or an information document required by any legislative provision, and is not sufficient to take an investment decision. This is a marketing communication. Please refer to the legal and regulatory documentation of Allianz Private Debt Secondaries Fund II (the “Fund”) before making any final investment decisions.

Target return assumptions may be based on the investment team’s experience with predecessor funds, market participants and other stakeholders of the industry. Actual returns from an investment in the portfolio over any given time horizon may vary significantly from the target return assumptions. Future performance is subject to taxation which depends on the personal situation of each investor and which may change in the future.

To the extent we express any prognoses or expectations in this document or to make any forward-looking statements, these statements may involve risks. Investments in the Fund entail a high degree of risk and no assurance can be given that the investment objectives will be achieved or that investors will receive a return on their capital. Please refer to Fund legal documentation for a full description of General and Specific Risk Factors.

Actual results and developments may therefore differ materially from the expectations and assumptions made. On our part, there is no obligation to update target return assumptions and forward-looking statements presented herein.

Allianz Global Investors may terminate arrangements made for marketing, including by way of de-notification. The Summary of Investor Rights is available in English, French, German, Italian and Spanish at https://regulatory.allianzgi.com/en/investors-rights.

Investing involves risks. The value of an investment and the income associated with it can go down as well as up. Investors may not get back the full amount invested. Past performance does not predict future returns. If the currency in which the past performance is displayed differs from the currency of the country in which the investor is resident, the investor should be aware that the performance shown may be higher or lower due to exchange rate fluctuations when it enters the local currency of the investor is converted. The views and opinions expressed herein, which are subject to change without notice, are the views and opinions of the issuer and / or affiliates at the time of publication. The data used come from various sources and are believed to be correct and reliable. The terms and conditions of all underlying offers or contracts that have been or will be made or concluded take precedence. This document does not contain any statements about the suitability of the investments described here for the individual circumstances of a recipient.

For investors in Europe (excluding Switzerland and the United Kingdom)
For a free copy of the offering memorandum, subscription documents and the latest annual report, contact Allianz Global Investors GmbH, either electronically or by mail at the given address. Please read these documents, which are solely binding, carefully before investing. This is a marketing communication issued by Allianz Global Investors GmbH, www.allianzgi.com, an investment company with limited liability, incorporated in Germany, with its registered office at Bockenheimer Landstrasse 42-44, 60323 Frankfurt/M, registered with the local court Frankfurt/M under HRB 9340, authorised by Bundesanstalt für Finanzdienstleistungsaufsicht (http://www.bafin.de). Allianz Global Investors GmbH has established branches in France, Italy, Spain, Luxembourg, Sweden, Belgium and the Netherlands. Contact details and information on the local regulation are available here (www.allianzgi.com/Info). The Summary of Investor Rights is available in English, French, German, Italian and Spanish at https://regulatory.allianzgi.com/en/investors-rights.

For investors in Switzerland
For a free copy of the offering memorandum, subscription documents and the latest annual report contact the issuer either electronically or by mail at the given address. Please read these documents, which are solely binding, carefully before investing. This is a marketing communication issued by Allianz Global Investors (Schweiz) AG, a 100% subsidiary of Allianz Global Investors GmbH.

For investors in the United Kingdom
For a free copy of the offering memorandum, subscription documents and the latest annual report, contact the issuer at the address indicated below or regulatory.allianzgi.com. Please read these documents, which are solely binding, carefully before investing. This is a marketing communication issued by Allianz Global Investors UK Limited, 199 Bishopsgate, London, EC2M 3TY, www.allianzglobalinvestors.co.uk. Allianz Global Investors UK Limited company number 11516839 is authorised and regulated by the Financial Conduct Authority. Details about the extent of our regulation are available from us on request. The duplication, publication, or transmission of the contents, irrespective of the form, is not permitted; except for the case of explicit permission by Allianz Global Investors UK Limited. Contact details and information on the local regulation are available here (www.allianzgi.com/Info). This document is directed only at persons who are professional investors for the purposes of the Alternative Investment Fund Managers Regulations 2013, as amended, and is accordingly exempt from the financial promotion restriction in Section 21 of the Financial Services and Markets Act 2000 (“FSMA”) in accordance with article 29(3) of the FSMA (Financial Promotions) Order 2005. The opportunity to invest in the Fund is only available to such persons in the United Kingdom and this Document must not be relied or acted upon by any other persons in the United Kingdom.

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