CVC Credit has raised €10.4bn for its fourth European Direct Lending fund (EUDL IV), marking one of the largest closes in the region’s private credit market. The vehicle has already deployed capital into more than 30 investments.

The new fund is a sharp increase on the €6.3bn raised for its predecessor in 2022 and €1.3bn in 2020, underscoring growing investor demand for private credit strategies as banks retreat from mid-market lending.

Rob Lucas, CEO of CVC, said: “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.”

Andrew Davies, Managing Partner and Head of CVC Credit, added: “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. We have capitalised on this market shift to scale our platform and deepen our resources, establishing CVC Credit as one of the top three private credit players in Europe.”

CVC Credit manages more than €48bn across liquid and private credit strategies, with €18bn in private credit. Its European platform is focused on delivering bespoke financing solutions to leading financial sponsors, leveraging insights from CVC’s global private equity network and its footprint of 30 offices worldwide.

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