Cordet's first direct lending fund holds first close at €200m

The fundraising started in the summer of 2015, assisted by placement agent Lazard and law firms Arbour and King & Wood Mallesons. Cordet hopes to hold the final close on €600m within 12 months of the first close. The vehicle has a lifespan of six years, including a three year investment period, with a possible extension of 1+1 years.

The vehicle, which is domiciled in Luxembourg, focuses on senior secured lending and hopes to reach a return target for investors of between 6-9%. It is Cordet's first fund, having previously managed portfolios for private investors.

Cordet Direct Lending focuses on northern Europe, in particular the Nordic region and the UK. It offers direct lending and private debt solutions to smaller mid-market companies with revenues of €10-250m and enterprise values of up to €250m. The fund will target 20-40 investments, primarily senior secured debt. The size of the loans will be in the range of €5-30m.

The vehicle's backers are northern European and international institutional investors. 

British Business Bank provided €38m, after Cordet committed to invest at least €78m in UK smaller mid-cap businesses with turnovers below £100m.

Jakob Lindquist and Magnus Lindquist are co-managing partners of Cordet.

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• Topics
• Funds
• Debt
• UK / Ireland
• Nordics
• United Kingdom
• King & Wood Mallesons
• lazard