CVC Credit Secondaries Fund Tops Target
Holders of aging private credit positions gain another large secondary buyer as LP-led and GP-led deals grow in Europe and the U.S.
Updated on Nov. 2, 2026 in Corporate Finance
CVC Capital Partners has closed more than €500 million for its CVC Secondaries Debt Fund I, exceeding the $500 million target it disclosed in its half-year results, while the fund remains in market. The close follows CVC's launch of a dedicated credit secondaries platform in late 2025, which targets LP-led and GP-led credit deals in Europe and the U.S.
Why it matters
As direct lending portfolios age, limited partners want liquidity and managers want longer hold periods, pushing both toward secondary buyers and continuation vehicles. For operators, the fund's size signals that capital is available to price and transact illiquid credit positions that previously had few exit routes.
CVC's sixth Secondary Opportunities Fund closed at $10 billion against a $7 billion target, and group fee-paying assets rose 24% year over year to €177 billion, with credit, secondaries and infrastructure making up 60% of that total. Credit secondaries accounted for 24% of 2025 secondaries fundraising, up from 8% in 2024.
The players
CVC Capital Partners
A global private markets manager with credit, secondaries and infrastructure businesses whose fee-paying assets are now at €177 billion.
Henri Lusa
Leads CVC's credit secondaries platform after previously serving as a managing director at Partners Group.
Partners Group
A Swiss-based global private markets investment manager that Henri Lusa previously worked for as a managing director.
The details
The fund's total includes a €330 million commitment made on October 1, 2026, and the platform pursues both LP-led and GP-led credit transactions, meaning it can buy stakes from existing investors or take part in restructurings initiated by fund managers. The platform is led by Henri Lusa, formerly a managing director at Partners Group, and was launched in late 2025 as a dedicated vehicle for the credit secondaries business. The first-time consolidation of Marathon also lifted group fee-paying assets.
Timeline
Late 2025: CVC launches its dedicated credit secondaries platform.
October 1, 2026: A €330 million commitment is made to the fund.
Third quarter 2026: CVC's activity update discloses that the fund closed above €500 million.
Market Landscape
Credit secondaries grew from 8% of secondaries fundraising in 2024 to 24% in 2025 and reached 18% in the first three quarters of 2026. CVC's sixth Secondary Opportunities Fund closing at $10 billion against a $7 billion target points to continued investor appetite for secondary exits across private markets.
Businesses that rely on private credit or hold illiquid lending positions should watch for expanding secondary buyer capacity as a possible exit route. Finance teams evaluating liquidity options for legacy credit exposure should review how secondary and continuation transactions are priced and structured with their advisers.
The takeaway
Secondary buyers are becoming a larger source of liquidity for credit portfolios, so operators with aging private debt should track the pricing and availability of these transactions. Review any exit or continuation options with qualified counsel or an accountant before committing.
Further reading
For broader context on how firms structure and raise capital, explore Corporate Finance coverage.
Source note: This article includes information reported by Hedgeco.
