Key Takeaways
- • CVC Capital Partners has closed on more than €500 million for its first credit secondaries vehicle, CVC Secondaries Debt Fund I, per its third-quarter 2026 activity update, with the fund still in market.
- • The raise already exceeds the $500 million target CVC disclosed in its half-year results, according to PEI's Secondaries Investor.
- • A €330 million commitment made on October 1 is included in the closed total.
- • CVC's sixth Secondary Opportunities Fund closed at $10 billion against a $7 billion target.
- • Credit, secondaries and infrastructure now make up 60% of CVC group fee-paying assets, which rose 24% year over year to €177 billion including the first-time consolidation of Marathon.
- • Credit secondaries accounted for 24% of secondaries fundraising in 2025, up from 8% in 2024, and 18% in the first three quarters of 2026, per Secondaries Investor data.
Summary
CVC Capital Partners has closed on more than €500 million for its first credit secondaries vehicle, CVC Secondaries Debt Fund I, according to the firm's third-quarter 2026 activity update. The total includes a €330 million commitment made on October 1, and the fund remains in market. The amount already exceeds the $500 million target CVC disclosed in its half-year results, PEI's Secondaries Investor reported.
The platform was launched in late 2025 and is led by Henri Lusa, formerly a managing director at Partners Group. It is designed to pursue both LP-led and GP-led credit transactions in Europe and the U.S.
The raise sits within a broader secondaries push at the firm. CVC said its sixth Secondary Opportunities Fund closed at $10 billion against a $7 billion target. The firm also reported that credit, secondaries and infrastructure now make up 60% of group fee-paying assets, which rose 24% year over year to €177 billion, including the first-time consolidation of Marathon.
Credit secondaries have become a meaningful share of the market. Secondaries Investor data show the strategy accounted for 24% of secondaries fundraising in 2025, up from 8% in 2024, and 18% in the first three quarters of 2026. The growth reflects the maturation of private credit itself: as direct lending portfolios age, LPs seeking liquidity and managers seeking to extend hold periods are turning to secondary buyers and continuation vehicles, a market still served by relatively few dedicated pools of capital.
The platform was launched in late 2025 and is led by Henri Lusa, formerly a managing director at Partners Group. It is designed to pursue both LP-led and GP-led credit transactions in Europe and the U.S.
The raise sits within a broader secondaries push at the firm. CVC said its sixth Secondary Opportunities Fund closed at $10 billion against a $7 billion target. The firm also reported that credit, secondaries and infrastructure now make up 60% of group fee-paying assets, which rose 24% year over year to €177 billion, including the first-time consolidation of Marathon.
Credit secondaries have become a meaningful share of the market. Secondaries Investor data show the strategy accounted for 24% of secondaries fundraising in 2025, up from 8% in 2024, and 18% in the first three quarters of 2026. The growth reflects the maturation of private credit itself: as direct lending portfolios age, LPs seeking liquidity and managers seeking to extend hold periods are turning to secondary buyers and continuation vehicles, a market still served by relatively few dedicated pools of capital.
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