11:48 AM EST, 11/04/2024 (MT Newswires) -- AlTi Global ( ALTI ) and Allianz X have launched a joint venture to develop a private markets investment program for ultra-high net worth clients, Allianz X said Monday.

The private markets investment program will initially focus on the $1.5 trillion global private debt market, Allianz X said. The debt program will have a semi-liquid evergreen structure, covering multiple strategies and regions, it added.

The joint venture formation and debt program launch are subject to completion of definitive agreements and certain regulatory approvals, Allianz X said.

AlTi Global ( ALTI ) shares were 1% higher in recent trading.

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