Partners Group’s latest European direct lending programme has achieved more than €1bn (£866m) at first close, reflecting the region’s resilience amid current global volatility.

It will target senior direct lending to core mid-market companies across Europe reporting EBITDA of between €20m to €50m and demonstrating visible cashflows in resilient industries.

The global private markets investment firm said it has already made several seed investments.

The facility will be managed by the firm’s $38bn (£28bn) private credit business, which spans multiple sub-asset classes of global credit including senior and junior direct lending, secondaries, fund finance, broadly syndicated loans and collateralised loan obligations (CLOs).

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The programme is available to institutional investors globally and will invest across a traditional closed-end fund and bespoke mandates following the same investment strategy.

Partners Group’s private credit investment platform, which is responsible for around €8.5bn invested across 117 senior direct loans in Europe to date, will underpin the programme.

The firm said the European private credit market has experienced strong growth in recent years and is seen as “increasingly attractive during the current period of global volatility”.

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It added that the growth reflected demand for private credit from the region’s deep pool of mid-market companies seeking flexible options from their capital partners.

An improved economic outlook for several European countries and new stimulus measures across the larger economies could serve as tailwinds for private credit lenders, the firm said.

“We have touchpoints with investors across the world and are seeing growing interest in Europe as either a core holding or a diversifying exposure,” added Lori Pomerantz, global head of business development for private credit at Partners Group.

“This reflects the region’s resilience, which is underpinned by structural drivers, such as the retreat of traditional lenders and relatively conservative leverage levels.

“Our local team presence enables us to connect with local sponsors to originate and tailor financings to the needs of companies.”

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