Allianz Global Investors has raised €560m for its new Impact Private Credit (IPC) strategy.

The strategy directly lends to European SMEs that solve for problems including clean energy, energy efficiency, resource efficiency, sustainable food and agriculture, access to healthcare, and access to education.

Investors include Allianz, APG Asset Management, the European Investment Fund and La France Mutualiste.

The investment team is split across London, Zurich and Paris.

Allianz pointed out that investor demand for impact investing has grown in private equity – and is now coming to private credit.

APG said that they invested because of the impact goals of APG’s pension fund clients – ABP and bpfBOUW.