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CVC Capital collects €350m for European credit fund

21 Jun 2013

loan_lrgUK-headquartered private equity firm CVC Capital has raised more than €350m through its debt affiliate for its latest credit fund.

CVC Credit Partners European Opportunities raised the capital by issuing 174 million shares at €1 each and 150 million shares at £1 each.

Both sets of shares are expected to start trading on the London Stock Exchange under the CCPE and CCPG tickers respectively on June 25.

Goldman Sachs and Dexion Capital helped raise the fund on behalf of CVC, which plans to invest the vehicle in European mezzanine debt and subordinated second-lien loans.

The sub-investment grade credit fund will target an annualised net total return over the medium term of between eight per cent and 12 per cent, including an annualised dividend yield of five per cent.

Its investment policy is predominantly to target companies domiciled or with material operations in Western Europe in various industries.

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