Aegon Capital Call Finance Fund
Superior risk-adjusted returns with investment grade risk profile and short duration

At Aegon AM, we have a sizeable and seasoned investment team with extensive experience in Fund Finance investing since 2018, with no credit migration to date. The strategy size currently stands at over EUR 2bn in commitments. The Aegon Capital Call Finance Fund was launched in May 2025 and has since raised over EUR 1.6bn in commitments. The fund is structured as a closed-end Luxembourg RAIF with a perpetual nature and aims to deliver attractive risk‑adjusted returns by investing in capital call finance loans to private markets funds domiciled in developed markets.

Capital Call Explained

 

In this video, we explain why capital call finance has become an integral part of the private markets ecosystem and how we give institutional investors scalable access to this specialist asset class. Drawing on our dedicated fund finance team, deep origination network and disciplined underwriting, we show how capital call finance can offer attractive risk adjusted returns, strong capital protection and regular liquidity.

About Capital Call Finance
Key facts
Euribor +
to 190

basis points

3 -
months

Average life

Active since

in fund finance

Credit rating AA/A
Low SCR: 1.1% to 1.7%
No credit migration to date
Key characteristics of the fund

Low and stable credit risk

  • Solid investment grade risk profile, typically at the AA/A level

Attractive yield

  • Stable returns with an attractive yield1 of Euribor + 180 bps

  • Floating rate ensuring low sensitivity to interest rates

Diversification

  • Exposure to alternative risk drivers

  • Recourse to high quality and diversified LP base

Investment restrictions  

  • Focus on fully drawn, short term loans, no undrawn commitments or RCF’s

  • Short maturity with the weighted average life of the AAM Fund targeting 12 months

Fund liquidity

  • Liquidity on a monthly basis driven by high velocity of redemptions available to redeem participants

ESG Integration2

  • Proprietary Aegon AM ESG 1-5 scoring methodology

  • Fund which invests in loans ESG scored 1-3
Insights
Why Aegon AM?

 

  • Sizeable and seasoned investment team with extensive experience in Fund Finance since 2018

  • Solid track record of transaction sourcing and execution

  • No credit migration to date

  • Proven, well established origination network

  • Proprietary credit underwriting and ESG analysis and monitoring 

The team
Bas Kragten
Head of fund finance
Bas Kragten is head of fund finance and infrastructure debt. As part of the combination between Aegon NL and a.s.r., Bas joined Aegon AM from a.s.r., where he was head of structured investments.
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Jules Koekkoek
Senior Portfolio Manager
Jules Koekkoek is an investment manager in the fund finance & renewable infrastructure debt team. As part of the combination between Aegon NL and a.s.r., Jules joined Aegon AM from a.s.r., where he was an investment manager in the structured investments team.
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Philip van der Meijden
Senior Portfolio Manager
Philip van der Meijden is an investment manager in the alternative fixed income & structured finance department, where he splits his time between fund finance & renewable infrastructure debt and Dutch mortgages.
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Remco van Amelsfoort
Senior Portfolio Manager
Remco van Amelsfoort, CFA, is an investment manager in the fund finance & renewable infrastructure debt team.
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Vincent Kroes
Senior Portfolio Manager
Vincent Koes is an investment manager in the fund finance & renewable infrastructure debt team.
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Jeroen Kreuk
Technical Portfolio Manager
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