Key Takeaways
- • Arcmont Asset Management is in the final stages of closing its fifth direct-lending fund at roughly €15-17 billion, according to market sources cited by PitchBook.
- • The fund would be a significant step up from the firm's prior vehicle, which closed at €10 billion in 2024.
- • Arcmont has already raised roughly €11 billion for the strategy, of which it has deployed 70%, per sources.
- • The London-based manager aims to close the new fund by the end of 2026; Arcmont declined to comment.
- • PitchBook's Annual Global Private Debt Report found 93% of 2025 private debt capital flowed to managers raising their fourth fund or later, underscoring concentration among larger managers.
Summary
Arcmont Asset Management is in the final stages of closing its fifth direct-lending fund at roughly €15-17 billion, according to market sources cited by PitchBook. The London-based manager aims to complete the close by the end of the year. Arcmont declined to comment when contacted by LCD.
The fund represents a significant increase from the firm's prior direct-lending vehicle, which closed at €10 billion in 2024. Arcmont has already raised roughly €11 billion for the strategy, and has deployed 70% of that capital, according to sources.
The new vehicle follows the same strategy as Arcmont's existing fund, investing in a defensive, diversified portfolio of first-lien senior and unitranche loans, as well as second-lien and subordinated loans. Arcmont launched its direct lending strategy in 2011 and was acquired by US asset manager Nuveen in 2023.
The fundraise reflects a broader trend of capital concentration in European direct lending. According to PitchBook's Annual Global Private Debt Report, 93% of capital raised in 2025 flowed to managers raising their fourth fund or later, and 83.5% of capital raised for the asset class came from funds sized at $1 billion or more.
The fund represents a significant increase from the firm's prior direct-lending vehicle, which closed at €10 billion in 2024. Arcmont has already raised roughly €11 billion for the strategy, and has deployed 70% of that capital, according to sources.
The new vehicle follows the same strategy as Arcmont's existing fund, investing in a defensive, diversified portfolio of first-lien senior and unitranche loans, as well as second-lien and subordinated loans. Arcmont launched its direct lending strategy in 2011 and was acquired by US asset manager Nuveen in 2023.
The fundraise reflects a broader trend of capital concentration in European direct lending. According to PitchBook's Annual Global Private Debt Report, 93% of capital raised in 2025 flowed to managers raising their fourth fund or later, and 83.5% of capital raised for the asset class came from funds sized at $1 billion or more.
Go deeper than the headline
Research every firm in this story, track the ones that matter and get the daily briefing — free for 7 days.