Key Takeaways
- • CVC Capital Partners has launched a dedicated global credit secondaries platform, expanding its CVC Secondary Partners strategy to capitalize on growing LP and GP liquidity demand in the credit markets.
- • The new credit secondaries platform will be led by Partner Henri Lusa, who brings more than 17 years of experience in private credit and credit secondaries, positioning the strategy with seasoned leadership.
- • The platform will pursue credit-related investments across Europe and the US, targeting both LP-led and GP-led secondary deals to generate attractive returns through a diversified portfolio.
- • CVC's first credit secondaries vehicle is expected to launch in 2026, with a complementary secondaries fund for CVC-PE (the firm's open-end private equity vehicle) also planned for 2026.
Summary
CVC Capital Partners has established a dedicated global credit secondaries platform as part of a strategic expansion of its CVC Secondary Partners business. The move reflects CVC's recognition of accelerating demand from limited partners and general partners seeking liquidity in the credit markets, a segment that has grown increasingly attractive to institutional investors navigating market volatility and portfolio rebalancing needs.
The new platform will be helmed by Partner Henri Lusa, a veteran with over 17 years of specialized experience in private credit and credit secondaries. Lusa's appointment underscores CVC's commitment to bringing deep domain expertise to the nascent strategy. The platform will focus on credit-related investments across two primary geographies—Europe and the United States—with flexibility to participate in both LP-led transactions (where limited partners seek to exit positions) and GP-led deals (where general partners recycle capital within their own funds).
CVC's secondary business has evolved significantly following its 2022 acquisition of a secondary strategy, which was rebranded as CVC Secondary Partners in 2024. The 2025 launch of the dedicated credit secondaries platform represents the next phase of that expansion. The strategy aims to build a diversified portfolio by sourcing opportunities where credit investors and managers require liquidity, a market dynamic that has intensified as credit fund maturation timelines accelerate and capital deployment pressures mount across the alternative credit space.
The firm expects to launch its first credit secondaries vehicle in 2026, with infrastructure in place to support rapid deployment. Additionally, CVC is planning a complementary secondaries fund dedicated to CVC-PE, its open-end private equity vehicle, also expected to arrive in 2026. This parallel approach allows CVC to serve dual liquidity needs across both its credit and traditional private equity portfolios, creating a more comprehensive secondaries offering for institutional capital.
The new platform will be helmed by Partner Henri Lusa, a veteran with over 17 years of specialized experience in private credit and credit secondaries. Lusa's appointment underscores CVC's commitment to bringing deep domain expertise to the nascent strategy. The platform will focus on credit-related investments across two primary geographies—Europe and the United States—with flexibility to participate in both LP-led transactions (where limited partners seek to exit positions) and GP-led deals (where general partners recycle capital within their own funds).
CVC's secondary business has evolved significantly following its 2022 acquisition of a secondary strategy, which was rebranded as CVC Secondary Partners in 2024. The 2025 launch of the dedicated credit secondaries platform represents the next phase of that expansion. The strategy aims to build a diversified portfolio by sourcing opportunities where credit investors and managers require liquidity, a market dynamic that has intensified as credit fund maturation timelines accelerate and capital deployment pressures mount across the alternative credit space.
The firm expects to launch its first credit secondaries vehicle in 2026, with infrastructure in place to support rapid deployment. Additionally, CVC is planning a complementary secondaries fund dedicated to CVC-PE, its open-end private equity vehicle, also expected to arrive in 2026. This parallel approach allows CVC to serve dual liquidity needs across both its credit and traditional private equity portfolios, creating a more comprehensive secondaries offering for institutional capital.
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