HedgeCo.Net — 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. CVC launched a dedicated credit secondaries platform in late 2025, led by Henri Lusa, formerly a managing director at Partners Group, 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, and 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 slice 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.