CVC Credit closes latest European direct lending fund in double digits
The credit arm of private equity firm CVC has raised €10.4bn (£9.1bn) for its fourth European direct lending fund (EUDL IV).
This is the first time CVC has raised capital in the double digits for its direct lending strategies.
EUDL IV has already allocated capital to over 30 investments, including KKR’s buyout of Swedish company Immedica Pharma; Cinven’s acquisition of Spanish real estate group Idealista; and the delisting of consulting provider Alpha FMC from the AIM market of the London Stock Exchange by Bridgepoint.
Read more: CVC Credit prices new €400m CLO
“This is an excellent outcome for our latest European direct lending fund reflecting strong investment performance and deep and longstanding relationships with the highest quality institutional investors,” said CVC’s chief executive Rob Lucas.
“Our liquid and private credit strategies have grown consistently over recent years and together now account for nearly a quarter of CVC’s total assets under management.”
Read more: CVC Liquid Credit reports $7.9bn of CLO activity in H1
CVC’s private credit platform, which comprises its European direct lending and capital solutions strategies, manages assets of more than €18bn (£15.7bn).
“The European private credit market has developed significantly in recent years, driven by structural tailwinds and the increasing relevance of private credit within the wider credit ecosystem,” said Andrew Davies, head of CVC Credit.
“Looking ahead, our focus remains on delivering compelling financing solutions for Europe’s leading financial sponsors,” he continued.
