CVC's first credit secondaries fund tops €500M, beating its target
What's the deal? CVC Capital Partners has closed more than €500 million for CVC Secondaries Debt Fund I, its first credit secondaries vehicle, according to the firm's third-quarter 2026 update. The total — which includes a €330 million commitment made on October 1 — modestly exceeds the $500 million target CVC had set, and the fund remains in market.
What's the endgame? CVC launched a dedicated credit secondaries platform in late 2025, led by Henri Lusa, formerly a managing director at Partners Group. The strategy targets both LP-led and GP-led credit transactions in Europe and the US.
Why now? The raise reflects the maturation of private credit itself. As direct lending portfolios age, LPs seeking liquidity and managers looking to extend hold periods are turning to secondary buyers and continuation vehicles — a market still served by relatively few dedicated pools of capital.
The bigger picture. The fund sits within a broader secondaries push at CVC. Its sixth Secondary Opportunities Fund closed at $10 billion against a $7 billion target, and credit, secondaries, and infrastructure now make up 60% of group fee-paying assets, which rose 24% year on year to €177 billion.
The signal: Credit secondaries have become a meaningful slice of the market, accounting for 24% of secondaries fundraising in 2025, up from 8% in 2024. CVC beating its target is a useful sign of investor appetite for the niche — even as broader secondaries fundraising cooled in the third quarter.
Read more: hedgeco.net
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