MAM readies external fund investments after alternative vehicles held first close

Mandatum Asset Management has held first close on a private debt and a real estate fund which primarily invest through externally managed funds. Commitments in the private debt fund exceed its predecessor by a wide margin.

Jussi Tanninen, Head of Private Debt and Real Estate and Head of International Clients Claes Siegfrieds. | Photo: PR / Mandatum AM

Finland's Mandatum Asset Management (MAM) held first close for its two private market vehicles, Private Debt V and European Real Estate III, which attracted commitments of EUR 149m and EUR 84m, respectively.

Consequently, these strategies raised approximately EUR 233m.

Mandatum AM Private Debt targets direct lending and opportunistic credit investments across Europe and the United States, primarily through externally managed funds. The private debt team allocates to between 5-8 funds annually. With EUR 149m in commitments, the fifth private debt fund outpaces its predecessor, which had EUR 84m in commitments during first close, as previously reported by AMWatch where the investment team told how they navigate between the growing number of providers of private debt funds.

According to MAM Head of International Clients Claes Siegfrieds, Mandatum has 15 years of experience in private debt markets and EUR 3bn in private debt funds.

"We are a leading provider in our local markets in the private debt asset class among professional investors, and we are excited to bring this capability and expertise to our international clients," Siegfrieds says.

The Mandatum Real Estate III invests in European real estate, primarily through externally managed funds.

"European Real Estate III allows our clients to diversify their real estate holdings outside of the Nordics. Many investors are still in the early stages of investing in real estate overseas, even though geographical diversification in equities, for example, has been active for decades. As with our prior real estate investments, responsibility also plays a key role in all our investment decisions," says Jussi Tanninen, Head of Private Debt and Real Estate at MAM.

MAM was formed in 2021 by combining investment organizations of its parent companies the insurance companies Sampo and Mandatum Life. The Finnish asset manager is headed by Lauri Vaittinen and has EUR 24bn under management.

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