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CVC Credit targets EUR 7bn for new European direct lending fund

  • Josh O'Neill and Francesca Veronesi
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CVC Credit Partners is seeking to raise EUR 7bn for its fourth European direct lending fund, two sources familiar with the situation said.

The private credit provider registered the GP entity – CVC Credit Partners European Direct Lending IV – for its new vehicle in Luxembourg on 26 April.

The new fundraise, which will enable CVC Credit to push deeper into the large-cap direct lending arena, comes hot on the heels of the EUR 6.3bn final close of its third direct lending fund in December.

Recent transactions financed by CVC Credit's third European direct lending fund include Advent's buyout of IRCA; Astorg's investment in OPEN Health; Cinven's acquisition of Euro Techno Com; Partners Group's acquisition of Version 1; and TPG's partnership with DOC Generici.

CVC Credit manages assets totaling more than EUR 35bn across its performing credit and private credit businesses. Its private credit platform comprises its European direct lending and capital solutions strategies, with assets of more than EUR 10bn.

CVC declined to comment.

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