CVC seals huge €6.3bn close for third European direct lending fund

CVC Credit, the global credit management business of CVC, is pleased to announce the final close of its third European Direct Lending fund.

CVC, which you can meed at the CEE Private Equity Conference, has raised €6.3bn to deploy across the European Direct Lending opportunity, representing a significant increase over CVC’s prior European Direct Lending fund.

The growth of CVC’s European Direct lending platform has been underpinned by CVC’s deep local relationships across its network of thirteen European offices, and CVC’s focus on Europe for over forty years.

Andrew Davies, Partner and Co-Head of Private Credit, commented: “John and I are delighted by the trust and support shown in us across CVC’s global investor base. The European private credit market is undergoing profound secular growth and with the support of the CVC Network, we are ideally placed to capitalise on that opportunity.”

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John Empson, Partner and Co-Head of Private Credit, added: “CVC Credit is incredibly focussed on delivering attractive financing solutions for European financial sponsors, many of whom have been impacted by the pull back in bank lending. The strength and depth of the CVC platform enables us to act as a reliable long term partner and we are excited by the opportunity.”

Chloe Sanders, Head of ESG at CVC said: “EUDL III is at the centre of CVC’s belief that embedding environmental and social responsibility, creates stronger and more resilient businesses. Andrew and John understand this, which is why they are providing loans with lower financing costs, if borrowers deliver sustainable value. We believe this is a great way of encouraging businesses to embrace change.”

Recent transactions completed by EUDL III 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 now manages total assets of more than €35 billion across its Performing Credit and Private Credit businesses. The Private Credit platform comprises its European Direct Lending and Capital Solutions strategies with assets of more than €10 billion.

Source: Press Release

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