CVC raises over €500 million for first credit secondaries fund

CVC Capital Partners has raised more than €500 million for CVC Secondaries Debt Fund I, its first credit secondaries vehicle, according to the firm's third-quarter 2026 activity update.

The total exceeds the $500 million target CVC disclosed in its half-year results, PEI's Secondaries Investor reported. It includes a €330 million commitment made Oct. 1, according to the activity update.

An allocator sizing a commitment is assessing a market that tripled its share of secondaries fundraising in a year but is still served by relatively few dedicated pools of capital, according to the report.

Credit secondaries accounted for 24% of secondaries fundraising in 2025, up from 8% in 2024, and 18% in the first three quarters of 2026, Secondaries Investor data show.

CVC launched the dedicated credit secondaries platform in late 2025 under Henri Lusa, formerly a managing director at Partners Group. It pursues LP-led and GP-led credit transactions in Europe and the U.S.

The growth follows private credit's own maturity: as direct lending portfolios age, LPs seeking liquidity and managers seeking to extend hold periods turn to secondary buyers and continuation vehicles, the report said.

CVC Secondaries Debt Fund I remains in market, making the €500 million-plus figure an interim number.