Allianz Global Investors (AllianzGI), the investment management subsidiary of German insurer Allianz, is seeking €3 billion (about $3.2 billion) for its maiden semi-liquid strategy fund that will invest in private markets.

The fund, Allianz Core Private Market Fund (ACPMF), was officially launched to allow professional investors access to a globally diversified private markets portfolio, without complex capital calls, AllianzGI said.

The vehicle is AllianzGI’s first cross-asset private markets strategy. It will invest in private equity, corporate private debt, infrastructure equity, and infrastructure debt. Aside from eliminating the complex capital calls, the fund also offers quarterly liquidity.

The goal of the strategy, according to the announcement, is to offer access to a well-diversified portfolio across geographies, segments, vintage years, and sectors, and to generate attractive mid-range, single-digit returns.

“The Allianz Core Private Markets is a unique solution to invest alongside Allianz in private markets in a convenient way,” said Emmanuel Deblanc, global head of Private Markets at AllianzGI.

While the fund is AllianzGI’s first semi-liquid strategy, Deblanc said the firm has more than 25 years of investment expertise in private markets.

AllianzGI has assets worth more than 520 billion euros and operates in over 20 locations worldwide. It also manages over 90 billion euros in private market assets.

In August, the asset manager secured approval from China’s securities regulator to set up an onshore fund management company. The approval was considered one of the fastest regulatory nods granted by China to a foreign asset manager.

The move marks a major step by Allianz to boost its presence in China’s mutual fund market, establishing a greenfield fund unit via AllianzGI in addition to a Sino-foreign joint venture the parent group originally formed in 2003 and owns 49%.