Abrdn launches evergreen institutional fund in the U.K.

Abrdn has launched an evergreen, U.K.-focused strategy for institutional investors.

The strategy, known as the Commercial Real Estate Debt fund II (CRED II), will invest in a diversified portfolio of predominantly senior, investment-grade real estate debt assets. CRED II has a semi-open-ended structure.

The fund, which is aiming to grow to £1 billion ($1.3 billion) of commitments, has already completed a first close of £205 million ($269 million) with public and corporate pension schemes in the United Kingdom. Abrdn said a number of prospective clients are considering the upcoming second close.

“Private credit is an important addition to an institutional portfolio, and given the attractive spreads seen in the real estate debt markets, we see abrdn’s CRED II fund as a promising solution to capture this opportunity,” said Peter Hall, partner at Momentum Investment Solutions & Consulting. “The semi-open ended nature allows our clients access to the il