Barclays’ private credit partner struggles to raise new funds

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Barclays’s private credit partner has fought fresh investment for almost a year after he announced the connection with the Bank, it enhances the deal to sell the British Lender in the $ 1.6tn market.

In April last year, the AGL credit management opened its private credit platform, benefiting $ 1 billion in Abu Dhabi’s investment body (ADIA) Barclays:A number but from that time struggles other investors to draw his foundation.

Excluding its commitment to Adia since the start of 2019, the foundation involved a capital of more than $ 70 million through other investors through the first quarter.

The fundraising process was described as “slow” by two people with efforts with the knowledge. One of the peoples said that “it is difficult to fundraising” because the AGL does not have a special entry by private credit. “

When it was launched, partnership pushed the growing private credit market for Barclays, where investment funds write loans, and both companies have agreed to a five-year cooperation agreement.

Barclays did not make its own funds, but AGL has received the right to first rejection about its transactions. It can also invest in transactions written by other banks.

Taylor Wright, the Barsland’s Investment Banking Manager then said that the Bank’s customers worked for a “strong desire” to work with one partner, which can provide the entire framework of funding solutions.

However, in his annual report, the AGL told investors that his limited post was a risk factor, and said that we have more financial, significant and marketing resources. ” At the end of last year, the foundation listed $ 473 million.

The difficulties of fundraising are one symptom of slowdown in private markets, which thwarted the ability of large investors to make new resources.

Private credit fundraising has decreased the third year, 2024.

Two people rejected the proposal that fundraiser was slow, and noting that Barclays and AGL did not make efforts. The second person said that AGL was talking to potential investors who still had proper diligence on the foundation.

“We are very pleased with all the high level of interest in the AGL’s new private credit platform with the moment of October launching our differentiated strategy,” AGL said.

“Barclays provides customers with a whole range of strategic and funding solutions, including direct lending,” the bank said. “We are pleased with the AGL partnership progress, and we look forward to continuing to improve our opportunities in this area.”

The strength of the traditional bonds and credit markets restricts any decline for the Bank for fundraising challenges. Banks, including Barclays, have been comfortable to acquire new purchase funding because markets have been reborn.