Partners Group has joined many of its peers with the launch of a dedicated mezzanine fund amid what is expected to become an increasingly popular period for the investment class.

Partners, which is a large European alternative asset manager, is targeting about €500m for its latest mezzanine vehicle, called Partners Direct Mezzanine. This is around the same amount it raised for its last fund in 2008, according to two people familiar with the situation. Partners Group declined to comment.