CVC is stepping up preparations for its next fundraising round in the European private debt sector. On 21 July, the asset manager incorporated 23 new Luxembourg-based companies intended to form the legal framework for CVC Credit Partners European Direct Lending Fund V, the fifth fund in its direct corporate lending strategy. When contacted, CVC did not respond to our requests for further details regarding the objective and strategy of this fifth fund.
These investments come several months after the closure of the fourth European direct lending fund. In early October 2025, CVC announced that it had raised €10.4 billion for this strategy, representing an increase of more than 65 per cent compared with the previous fund, which had raised €6.3bn in 2022. This fundraising places CVC amongst the leading European players in direct corporate financing.
The registrations completed on 21 July reveal a structure that is significantly more complex than that of a simple fund company. The new structures include, in particular, several vehicles denominated in different currencies (the euro, the pound sterling and the yen), entities distinguishing between ‘levered’ and ‘unlevered’ sub-funds, as well as several intermediary and co-investment vehicles.
In its communications to the markets, CVC stated that the closing of European Direct Lending Fund IV would pave the way for the launch of the next fund during 2026. The results published by the group for the first quarter of 2026 also show that capital raising remains robust across all its credit strategies.
The climate is favourable for this type of vehicle. For several years now, banks have been gradually withdrawing from the financing of mid-sized LBOs as a result of prudential requirements, leaving an increasing role for private debt funds. These funds provide senior secured financing directly to companies, mainly in the European mid-market segment.
A rapidly expanding credit platform
The launch of this new vehicle comes as CVC continues to develop its credit platform. On 1 July, the group finalised the acquisition of Marathon Asset Management, a move designed to strengthen its capabilities across several segments of private credit and alternative strategies. CVC emphasises that this acquisition broadens its offering to institutional and private investors.
At the end of March 2026, the group managed more than €180bn in assets across private equity, credit, infrastructure and secondary strategies.
