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CVC seeks €400m for private credit fund

16 Jun 2014

euro loanUK private equity firm CVC Capital Partners has launched a €400m direct mid-market lending fund.

The fund, which will provide credit for mid-market deals in Europe, has already received some commitments for the fund, said Dow Jones, citing people familiar with the matter.

The new vehicle will be led by managing director of CVC’s lending arm CVC Credit Partners Neale Broadhead, who joined the firm from Lloyds Banking Group in February.

Last year CVC Credit Partner raised more than €350m for its European Opportunities fund by issuing 174 million shares at €1 each and 150 million shares at £1 each.

In May CVC said it was looking to raise €300m by floating the European opportunities vehicle.

The fund plans to invest in up to 40 companies with at least €75m of EBITDA, targeting annual returns of eight to 12 per cent.

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