CVC-CRED European Private Credit

Senior Secured European Lending from CVC

CVC-CRED, launched on 15 May 2024, is the credit sibling: an open-ended Luxembourg Part II SICAV that lends directly to mid-sized companies in Northern and Western Europe — typically with EBITDA above €25 million — through senior secured floating-rate loans, usually at loan-to-value below 50%. The team draws on CVC’s origination platform of 12 European offices, and CVC says its direct-lending track record has had zero realised losses.

Scale, Performance and Terms

The fund raised €1 billion in its first ten months and had reached an aggregate value of €3.5 billion by 30 June 2026, with performance of around 9% annualised since inception. At the end of March 2025 it held 197 investments. Subscriptions are monthly and redemptions quarterly, capped at 5% of NAV per quarter, with a 2% deduction on shares held less than twelve months. The management fee is 1.00% a year — waived for the first twelve months after a share class launches — plus a 10% performance fee above a 5% annualised hurdle. Retail-oriented classes start at €25,000.

Cautions

Two cautions. CVC-CRED can borrow up to 200% of NAV at compartment level, which magnifies both income and drawdowns, and the KID’s stress scenario shows a 15% loss. The KID’s moderate scenario of 4% a year is also well below the realised 9%; investors should not extrapolate the first two years.