As Europe faces myriad challenges, including an unprecedented wave of migrants, Ardian, has raised a €2 billion ($2.25 billion) debt fund. This marks the third debt fund that Ardian has raised.

The fund, led by Dominique Senequier, attracted investors from insurance companies and pension funds and half of them are new investors and it will invest in private equity-backed deals across Europe, typically investing $45 million to $338 million.

The private debt fund is focused on private equity-backed deals across Europe, typically investing $45 million to $340 million. It attracted investors from insurance companies and pension funds, half of which are new to Paris-based Ardian. The fund is already 40 percent invested through nine companies. For instance, in July, Paris-based Ardian backed Charlesbank’s acquisition of data provider Six Degrees Group and Cathay Capital’s purchase of French pharmaceutical company Cenexi Group.

“As the market matures, private debt will take an increasingly significant role in global finance,” says Ardian’s head of private debt, Vincent Gombault.

The fund raised more capital than Ardian’s second debt fund, which closed at $1.7 billion in 2008. In 2014, Ardian  closed a $690 million private equity fund.

Some other recent investments that Ardian has made including partnering with EDF Invest to purchase a majority stake in French oil storage company Geosel from Total and portfolio company ADA Cosmetics International buying British skin care company Pacific Direct.

Senequier founded Axa Private Equity in 1996, after working in insurance. She is also vice president of the supervisory board of luxury brand Hermes International.