Allianz GI announces the first closing of Allianz Credit Emerging Markets with 595 million
22 JAN, 2026
Allianz GI has reached the first closing of Allianz Credit Emerging Markets (ACE) with approximately 595 million euros in commitments and foresees a final closing close to 860 million. The strategy seeks to channel large-scale private capital to support the objectives of the Paris Agreement and accelerate progress towards the Sustainable Development Goals (SDGs) in emerging markets.
ACE incorporates a mixed financing structure that offers institutional and professional investors a preferential position over subordinated capital, with protection against first losses. This approach aims to significantly limit volatility and improve profitability to encourage private capital participation.
Among the main institutional investors are Allianz and Gastrosocial Pensionkasse. The first loss subordinated tranche will be provided by Global Affairs Canada, British International Investment and Inter-American Development Bank Invest, while the Swedish International Development Cooperation Agency and Impact Fund Denmark will act as first loss guarantees.
Investment and impact strategy
The strategy prioritizes co-investments with development finance institutions (DFIs) and multilateral development banks (MDBs) with local experience, strong ESG standards and a track record of low default rates and high recovery rates. Developed in line with the Global Investors for Sustainable Development (GISD) Alliance, ACE aspires to contribute to closing the $4.3 trillion SDG investment gap, unlocking capital for neglected sectors and regions, with a focus on climate action, gender equality and poverty reduction.
ACE will invest in a diversified portfolio of private debt in low carbon emission sectors: clean energy, smart agriculture, sustainable infrastructure, financial institutions and certain manufacturing activities. The strategy will have a global reach in emerging markets in Africa, Latin America and the Caribbean, and Asia-Pacific.
The process will apply a rigorous ESG analysis —including IFC performance standards— and an impact assessment aimed at measurable outcomes. Among the planned metrics are avoided greenhouse gas emissions, jobs created (broken down by gender where possible), financial inclusion indicators and installed renewable energy capacity.
The fight against climate change cannot focus solely on developed markets. The launch of ACE represents a significant and decisive step forward in mobilizing institutional capital towards emerging markets and addressing key global development priorities, including climate. This strategy is a clear example of public-private collaboration and the potential to significantly expand the scale of investment. In addition, it reflects our commitment to continuous innovation and is supported by our strong track record in combined public-private financing and impact investment.
Edouard Jozan, Director of Private Markets at Allianz GI
The first closing of ACE represents a milestone in valuing our experience in blended finance to channel private capital towards the main challenges of sustainability on a global scale. Emerging markets offer high potential for both climate advancement and long-term value creation, and this strategy demonstrates how proper structuring can unlock that potential on a large scale.
Ludovic Subran, Chief Investment Officer at Allianz
