Allianz has split off its alternative asset activities into a new company, Allianz Alternative Assets Holding. The German insurance giant said the new group would produce better returns for investors.

The new group includes the Allianz Private Equity Partners portfolio, one of the largest third party investors in Europe with over €2bn ($2.3bn) of assets and Allianz Capital Partners, which looks after €1bn of proprietary leveraged buy-outs and mezzanine finance.