Tag Archives: Private Credit

Investec Direct Lending and Carlyle AlpInvest partner on launch of Investec’s inaugural European senior debt fund

Carlyle

Carlyle AlpInvest structured credit secondary transaction and provided significant new capital to launch the fund

November 25, 2025 – Investec Alternative Investment Management (“IAIM”), a subsidiary of Investec Bank plc (“Investec”), and Carlyle AlpInvest, a leading global private markets manager, today announced the successful launch of Investec’s inaugural European senior debt fund, Investec Senior Debt Fund I (“SDF I”, the “fund”), a private credit fund with approximately €400m of investable capital managed by the Investec Direct Lending team.

SDF I was established through an innovative credit secondary transaction, led by Carlyle AlpInvest, comprised of a secondary purchase of high-quality performing loans from Investec’s balance sheet to form a seed portfolio. In addition, Carlyle AlpInvest provided significant new capital which is available alongside this portfolio to invest in new direct lending investments.

SDF I is a close-ended, Luxembourg-based special limited partnership focused on providing traditional senior secured loans for European private equity and corporate backed businesses between €3m-€50m EBITDA primarily based in the UK, Ireland, Benelux, and DACH regions. The strategy is focused on lending to high quality growth-orientated companies in the lower mid-market – a segment which remains underserved by banks and fund managers. It partners with management teams and their financial sponsors supporting their strategic ambitions, whether organic or inorganic, to drive business growth.

SDF I is managed by Investec’s Direct Lending team consisting of over 50 investment professionals all with extensive experience in growth capital, leveraged finance and direct lending in the UK and Europe. The team has more than 15 years’ experience sourcing and managing private debt assets and has invested over €10 billion in private debt across more than 350 transactions over that period. The team has a strong track record of credit selection and delivering premium risk adjusted returns combined with de minimus losses.

The launch of the fund complements the 2021 launch of the €250m Private Debt Fund I (“PDF I”) – focused on stretched senior and unitranche direct lending solutions – and PDF II which is forecast to have its final close in January, with a target of €500m.

Investec intends to significantly expand its alternative investment activities across the private credit spectrum providing investors access to its significant sourcing capabilities. In addition to Direct Lending, Investec’s private credit activities include Fund Solutions, Energy and Infrastructure, Aviation and Real Estate.

 Investec’s Head of Direct Lending and IAIM, Callum Bell commented:

“The launch of this senior loan fund marks an important milestone for our alternatives platform, and we are delighted to have partnered with Carlyle AlpInvest. It enables us to showcase the full breadth of the team’s sourcing and underwriting capabilities across the European private debt market.

“We are actively and strategically growing into new adjacencies to strengthen our platform and to offer investors access to tailored risk-reward profiles across our sourcing spectrum. This new fund represents an exciting step forward as we pursue our growth ambitions over the next five years.”

Carlyle AlpInvest’s Mike Hacker, Partner and Global Head of Portfolio Finance, commented:

“This transaction highlights the strong momentum within Investec’s direct lending franchise and the depth of its relationships with leading sponsors. AlpInvest has a long history of partnering with leading financial institutions to provide solutions as they scale and broaden their asset-management capabilities, and this collaboration with Investec is a natural extension of that strategy. Our involvement in establishing SDF I underscores our commitment to building differentiated partnerships with high-quality credit managers. We’re excited to support Investec as it expands its senior lending platform and to further strengthen AlpInvest’s position as a partner of choice for private credit managers.”

The transaction was advised by Ely Place Partners, with legal advice from Travers Smith and K&E representing Investec and Carlyle AlpInvest respectively.

Ends

 

For further information, please contact:

Charles Clarke charles.clarke@investec.com

+44 (0)750 394 0139

 

Kristen Ashton kristen.ashton@carlyle.com

+1 (646) 4774164

 

Nicholas Brown nicholas.brown@carlyle.com

+44 7471 037 002

 

 

Notes to editors

This press release is issued on behalf of Investec Bank plc. Investec Bank plc is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority. Financial Services Register number 172330. Registered in England and Wales (No. 489604). Registered office at 30 Gresham Street, London EC2V 7QP. Member of the London Stock Exchange.

 

 

About Investec

Investec Bank plc (‘IBP’) is the banking subsidiary of Investec plc. Investec plc is a FTSE-250 listed company which holds the majority of Investec Group’s non-Southern African businesses under a dual listed company structure. IBP partners with private, institutional and corporate clients, offering banking and investment services in the UK, Europe and US, Continental Europe, Channel Island, India, Switzerland and Ireland.

IBP also offers wealth management services through its strategic partnership with Rathbones Group. IBP has operated in the UK since 1992. 

As part of the Investec Group, IBP is a purpose-driven organisation, dedicated to its core purpose of creating enduring worth. This means we will always strive to create long-term value for all stakeholders and contribute meaningfully to people, communities and the planet. 

Further information can be found at www.investec.com.

 

About Carlyle AlpInvest

Carlyle AlpInvest is a leading global private equity investor with $102 billion of assets under management and more than 700 investors as of September 30, 2025. It has invested with over 370 private equity managers and committed over $111 billion across primary commitments to private equity funds, secondary transactions, portfolio financings, and co-investments. AlpInvest employs more than 290 people in New York, Amsterdam, Hong Kong, London, and Singapore. For more information, please visit www.carlylealpinvest.com.

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CVC Liquid Credit prices its seventh new issue CLO of 2025 with the pricing of Cordatus XXXVII

CVC Capital Partners

CVC Credit, the fast growing €48 billion global credit management business of CVC, is pleased to announce that it has successfully priced Cordatus XXXVII (37), a new €400m Collateralised Loan Obligation (“CLO”) vehicle. This is CVC Credit’s seventh new issue CLO of 2025 and twenty seventh when including resets and refinancings.

JP Morgan served as the lead arranger for the vehicle, which has a four-and-a-half-year reinvestment period. More than 65% of Cordatus XXXVII’s assets were sourced prior to pricing.

Quotes

Despite recent market volatility we were pleased to receive strong support for this vehicle from both new and long term investors, reflecting not only our strong track record, but also, and importantly in the current environment, a highly disciplined approach in underwriting to fundamentals.

Guillaume TarneaudPartner and Co-Head of Global Liquid Credit at CVC Credit

Guillaume Tarneaud, Partner and Co-Head of Global Liquid Credit at CVC Credit, said: “We are delighted to announce the successful pricing of Cordatus XXXVII, our seventh new issue globally and fourth in Europe this year. Despite recent market volatility we were pleased to receive strong support for this vehicle from both new and long term investors, reflecting not only our strong track record, but also, and importantly in the current environment, a highly disciplined approach in underwriting to fundamentals.”

CVC’s Liquid Credit business manages €31 billion in assets across more than 70 active funds, managed by a team of around 40 investment professionals in both Europe and the US.

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Stonepeak to Launch ASX-Listed Infrastructure Debt Note

Stonepeak

Stonepeak-Plus INFRA1 Note expected to list on ASX on December 10, 2025 under the ticker code “SPPHA”

NEW YORK & SYDNEY – November 4, 2025 – Stonepeak (“Stonepeak” or the “Company”), a leading global alternative investment firm specializing in infrastructure and real assets, today announced its intention to launch Stonepeak-Plus INFRA1 (“Stonepeak-Plus INFRA1 Note” or the “Note”), an unsecured, deferrable, redeemable, floating rate infrastructure-backed debt security expected to be listed on the Australian Securities Exchange (“ASX”) on December 10, 2025 under the ticker code “SPPHA.”

The Stonepeak-Plus INFRA1 Note will provide Australian investors access to regular monthly income generated through a curated portfolio of high-quality infrastructure debt assets. Debt will be sourced predominantly from critical infrastructure assets in the transportation and logistics, energy and energy transition, digital, and social infrastructure sectors in Australia, New Zealand, and other markets. The Interest Rate applicable to Stonepeak-Plus INFRA1 Notes is a benchmark rate of BBSW (1 month) + a margin of 3.25% per annum which accrues on a monthly basis, and the Note will have a target repayment date six years after the issue date.

Stonepeak has already secured over A$300 million in cornerstone investments for the Note, reaching its target and reflecting strong initial demand.

“Infrastructure businesses have historically exhibited lower default rates compared to corporate debt, making infrastructure debt an especially powerful portfolio diversification tool for investors due to its stable and predictable nature. However, infrastructure debt has historically been a challenging asset class for investors to access at scale. The proposed launch of Stonepeak-Plus INFRA1 aims to solve this for Australian investors while giving them the opportunity to invest behind some of the most compelling tailwinds in infrastructure today,” said Andrew Robertson, Senior Managing Director and Head of Australia and New Zealand Private Credit at Stonepeak, the largest independent infrastructure investor globally. “We look forward to leveraging Stonepeak’s extensive experience, deep sector specialization, and strong industry relationships to bring a quality, investment-grade portfolio of infrastructure debt assets to our investors.”

“We have long recognized the compelling opportunities in the credit space, and we are excited to be broadening access to the asset class through the launch of this Note,” said Stonepeak Co-President Jack Howell. “Since we began investing in infrastructure debt in 2018, we have continued to thoughtfully expand the Stonepeak Credit team and its offerings. The proposed launch of Stonepeak-Plus INFRA1 reflects another milestone, and builds on our success investing across the capital stack into world-class, critical infrastructure on behalf of our investors.”

Today, Stonepeak Credit includes nearly 30 investment professionals and over 85 investments in its portfolio, and manages approximately A$2.9 billion in assets. Notably, this year Stonepeak completed the acquisition of Boundary Street Capital, a leading specialist private credit investment manager focused on the digital infrastructure, enterprise infrastructure software, and technology services sectors in the lower middle market. The launch of the Note also reflects the continued growth of Stonepeak+, Stonepeak’s dedicated wealth solutions platform.

E&P Capital, Westpac, Morgans, FIIG Securities, MST, and Shaw and Partners are serving as joint lead managers to Stonepeak, with Corrs Chambers Westgarth acting as legal adviser.

About Stonepeak Credit

Stonepeak Credit is the credit investing arm of Stonepeak, a leading alternative investment firm specializing in infrastructure and real assets with approximately A$121.1 billion (USD$79.9 billion) of assets under management. Stonepeak Credit targets credit investments across the transportation and logistics, energy and energy transition, digital infrastructure, and social infrastructure sectors that provide essential services with downside protection, high barriers to entry and visible, recurring revenue generation. It seeks to provide capital solutions that are flexible across the capital structure while generating cash yield through majority senior secured credit investments.

Stonepeak is headquartered in New York with offices in Houston, Washington, D.C., London, Hong Kong, Seoul, Singapore, Sydney, Tokyo, Abu Dhabi, and Riyadh. For more information, please visit www.stonepeak.com.

Contacts

Kate Beers / Maya Brounstein
corporatecomms@stonepeak.com
+1 (646) 540-5225

Jack Gordon
jack.gordon@sodali.com
+61 478 060 362

Important Notices

Stonepeak-Plus Infra Debt Limited (ACN 692 150 253) (Issuer) is the issuer of the unsecured, deferrable, redeemable, floating rate notes known as the Stonepeak-Plus INFRA1 Notes (Notes) which are intended to be quoted on the ASX. The Notes are redeemable by, and the interest is deferrable by, the Issuer. Unless otherwise specified, any information contained in this material is current as at the date of publication and has been prepared by the Issuer.

The offer of Notes is made by a prospectus (Prospectus) which is available, along with a target market determination (TMD), at stonepeakplus.com.au/INFRA-1. You must read the Prospectus before making a decision to acquire the Notes. It is important for you to consider the Prospectus and whether you are in the target market in the TMD in deciding whether to invest.  You will need to complete the application form accompanying the Prospectus. No cooling off rights apply to an investment the Notes.

The Issuer has appointed EQT Australia Pty Ltd (ACN 111 042 132) (Authorised Intermediary) as authorised intermediary to make offers to arrange for the issue of Notes under the prospectus, pursuant to section 911A(2)(b) of the Corporations Act 2001 (Cth). The Authorised Intermediary is an Australian financial services representative (number 1262369) of Equity Trustees Limited (ACN 004 031 298; AFSL 240975). Stonepeak-Plus Infra Debt Management Pty Ltd (ACN 691 462 067, authorised representative no. 001318081) (Manager) provides investment management and other services to the Issuer.

The Issuer is not licensed to provide financial product advice in relation to the Notes. The information provided is intended to be general in nature only. This material has been prepared without taking into account any person’s objectives, financial situation or needs.  Any person receiving the information in this material should consider the appropriateness of the information, in light of their own objectives, financial situation or needs before acting.

Past performance is not a reliable indicator of future performance. Investments in the Notes are subject to investment risk, including possible delays in payment and loss of interest or principal invested. The Notes and their performance are not guaranteed by any member of the Stonepeak Group or any other person. The Notes are not bank deposits.

The material has not been independently verified.  No reliance may be placed for any purpose on the material or its accuracy, fairness, correctness or completeness.  To the fullest extent permitted by law, the Issuer, the Manager, the Authorised Intermediary or any other member of the Stonepeak Group and their respective associates and employees shall have no liability whatsoever (in negligence or otherwise) for any loss howsoever arising from any use of this material or otherwise in connection with the information.

A minority part of the portfolio is expected to comprise other debt investments that are not infrastructure related, as explained in the Prospectus. The above AUM is as of June 2025 inclusive of subsequent committed capital. Certain of these investments have signed but are pending close, and there can be no assurance they will close or that if they close that it will be on the terms currently agreed. The AUM, employee and investment information relate to Stonepeak Group, and not the Issuer.

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Ardian provides financing to support IK Partners’ investment in Francks Kylindustri

Ardian

Ardian, a world‑leading private investment firm, has arranged a Private Credit financing package, including Unitranche and Committed Acquisition Facilities, to support IK Partners’ (“IK”) investment in Francks Kylindustri (“Francks”, “the Company”), a leading Nordic provider of installation and aftermarket services for commercial and industrial refrigeration systems.

Founded in 1950 and headquartered in Sweden, Francks has over the past 75 years built a strong reputation as a trusted partner for complex, business‑critical refrigeration and cooling solutions. The Company serves a diversified blue‑chip customer base of more than 1,000 clients and employs over 650 people across 50 sites in Sweden, Norway, Denmark and Finland.

“We are delighted to partner with IK Partners in supporting Francks Kylindustri, as Francks stands out as a leading Nordic specialist in commercial and industrial refrigeration installation and aftermarket services. Francks has delivered strong, profitable growth through organic performance, strategic acquisitions and new site openings, evolving from a regional Swedish business into a pan‑Nordic platform. With a solid foundation for further expansion, we look forward to working with IK to help accelerate Francks’ next phase of growth.” Stuart Hawkins, Head of Private Credit UK, Ardian.

With over two decades of experience, the Private Credit activity at Ardian is among Europe’s most established players, applying a multi‑local approach to partner with private equity sponsors and management teams in advancing the growth of high‑quality companies. This transaction adds to Private Credit’s track record of successful investments in the Nordics and reflects a period of strong investment activity for the team.

List of participants

  • Ardian (Private Credit)

    • Stuart Hawkins, Eric Hensen, Nova Kannegieter, Sana Mehta

  • IK Partners

    • Maria Brunow, Mathias Thorsheim, Mikael Lindholm

About Ardian

Ardian is a world-leading private investment firm, managing or advising $192bn of assets on behalf of more than 1,860 clients globally. Our broad expertise, spanning Private Equity, Real Assets and Credit, enables us to offer a wide range of investment opportunities and respond flexibly to our clients’ differing needs. Through Ardian Customized Solutions we create bespoke portfolios that allow institutional clients to specify the precise mix of assets they require and to gain access to funds managed by leading third-party sponsors. Private Wealth Solutions offers dedicated services and access solutions for private banks, family offices and private institutional investors worldwide. Ardian’s main shareholding group is its employees and we place great emphasis on developing its people and fostering a collaborative culture based on collective intelligence. Our 1,050+ employees, spread across 20 offices in Europe, the Americas, Asia and Middle East are strongly committed to the principles of Responsible Investment and are determined to make finance a force for good in society. Our goal is to deliver excellent investment performance combined with high ethical standards and social responsibility.
At Ardian we invest all of ourselves in building companies that last.

ardian.com

Media contacts

Ardian

Headland

ardian@headlandconsultancy.com

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Carlyle and SBI PE Holdings announce partnership to support SBI’s expansion into a multi strategy private credit business for Japanese institutional investors

Carlyle

Carlyle and SBI PE Holdings announce partnership to support SBI’s expansion into a multi strategy private credit business for Japanese institutional investors

New York, NY, 30 October 2025 – Global investment firm Carlyle (NASDAQ: CG) today announced a partnership with SBI PE Holdings, Inc., the private equity business of Japanese financial services company SBI Group, to support SBI’s expansion of private credit opportunities for Japanese institutional investors.

As the first step in this collaboration, Carlyle would receive an initial commitment from SBI Group’s own capital to anchor the launch of this new strategy. The partnership would represent SBI Group’s first full-scale entry into the private credit market, reflecting its strong conviction in Carlyle’s global investment capabilities and confidence in the long-term potential of the asset class. The partnership will develop a multi private credit strategy that spans several areas, including direct lending, structured credit, opportunistic credit, and asset-backed finance, enabling Japanese institutional investors to participate in global private credit opportunities across major markets, including the U.S. and Europe. By combining Carlyle’s proven global expertise with SBI Group’s extensive domestic financial network and client relationships, the two firms will aim to broaden Japanese investors’ access to global private credit markets.

Brian Marcus, Head of Cross Platform Investing for Global Credit at Carlyle, said: “We are pleased to announce this collaboration with SBI Group, an institution with deep expertise and a strong reputation in Japan. As the needs of Japanese investors continue to diversify, we see this as a great opportunity to support SBI’s efforts to bring global private credit access to their institutional clients. By combining our global investment capabilities with SBI Group’s extensive network, we look forward to creating innovative solutions and supporting Japanese investors’ long-term growth and diversification objectives.”

Yoshitaka Kitao, Representative Director of SBI PE Holdings, said: “SBI Group is committed to driving innovation and expanding investment opportunities for Japanese institutional investors. Through this partnership with Carlyle, we are confident that we can deliver new value to our clients and further strengthen our position as a leader in Japan’s evolving financial ecosystem.”

Carlyle’s Global Credit platform manages US$203 billion in assets across the credit spectrum, providing creative solutions and scale to approximately 1,000 borrower relationships. The firm has a scaled and established private credit business which focuses on direct lending, opportunistic credit, and asset-backed finance strategies.

—

About Carlyle 

Carlyle (NASDAQ: CG) is a global investment firm with deep industry expertise that deploys private capital across its business and conducts its operations through three business segments: Global Private Equity, Global Credit, and Carlyle AlpInvest. With $465 billion of assets under management as of June 30, 2025, Carlyle’s purpose is to invest wisely and create value on behalf of its investors, portfolio companies, and the communities in which we live and invest. Carlyle employs more than 2,300 people in 27 offices across four continents. Further information is available at www.carlyle.com. Follow Carlyle on X @OneCarlyle and LinkedIn at The Carlyle Group.

About SBI PE Holdings

SBI PE Holdings is one of Japan’s largest private equity firms and an intermediate holding company within the Japan-based SBI Group, overseeing and managing its private equity investment business. As a member of the SBI Group, a comprehensive financial services group with strengths in banking, securities, asset management, and fintech, the company aims to create long-term value for investors, portfolio companies, and society through its subsidiaries. These subsidiaries leverage their extensive local knowledge with global investment expertise to identify promising companies in next-generation growth sectors.

Media Contacts

Carlyle

Andrew Kenny
+44 7385 662334
andrew.kenny@carlyle.com

Kaede Haseda
+81 80 4209 1053
kaede.haseda@carlyle.com

SBI Holdings

+81 36 229 0126

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Thoma Bravo Announces Key Appointments to Grow Private Credit Platform

Thomas Bravo

Former Morgan Stanley Executives Jeff Levin and Kunal Soni Join as Partners

Levin Named Head of Thoma Bravo Credit

MIAMI and NEW YORK—Thoma Bravo, a leading software investment firm, today announced that Jeff Levin and Kunal Soni have joined the firm as partners on the Thoma Bravo Credit platform. Levin has also been named head of the platform.

Together with the firm’s investors, Thoma Bravo Credit has invested over $25 billion across more than 100 transactions since its inception in 2017. Earlier this year, it successfully closed Thoma Bravo Credit Fund III. Levin and Soni bring decades of experience leading and scaling private credit platforms. They will help drive the next phase of Thoma Bravo Credit’s growth and their addition significantly expands the firm’s origination, structuring, and underwriting capabilities. With deeper credit expertise and greater execution capacity, Thoma Bravo Credit can offer investors broader access to attractive private-credit opportunities while providing borrowers with the flexible, long-term capital they seek to accelerate growth.

Levin was a founding member of Morgan Stanley Investment Management’s Private Credit business and was most recently Co-Head of its North America Private Credit platform. In his role, he served as Portfolio Manager, Head of U.S. Direct Lending, and Chair of the Investment Committee for the U.S. Direct Lending funds. He previously served as a Partner and Managing Director at The Carlyle Group (NASDAQ:CG), where he served as President of Carlyle’s BDCs and as a member of the Investment Committee for their Direct Lending platform.

Soni was most recently the Head of the Western Region and Technology Lending for Morgan Stanley Investment Management’s Private Credit business, where he served as a member of the Investment Committee and focused on originating and executing investment opportunities. Prior to joining Morgan Stanley, Soni was Head of the Western Region for Carlyle’s Direct Lending platform.

“Private credit continues to play an increasingly important role in supporting growing businesses and meeting investor demand for income and diversification,” said Orlando Bravo, a Founder and Managing Partner at Thoma Bravo. “Jeff and Kunal’s leadership strengthens our ability to deliver broader services and compelling investment opportunities to our investors, while expanding our capacity to provide companies with the flexible capital they need to grow and thrive. These appointments reflect our commitment to building a leading, scaled private credit platform positioned to capture attractive opportunities across market cycles.”

“Thoma Bravo Credit has a solid foundation built on discipline, investor alignment, and consistently strong performance,” said Jeff Levin. “Our goal now is to expand the breadth and depth of what we offer so investors can access a broader range of high-quality credit opportunities aligned with their investment objectives, while borrowers can benefit from enhanced expertise and long-term, growth-enabling capital.”

“I’m excited to join Thoma Bravo Credit at such a dynamic time for private credit,” said Kunal Soni. “The market continues to expand and evolve, creating opportunities for platforms with the scale and discipline to meet growing demand. With Thoma Bravo’s reach and resources, we are positioned to deliver meaningful value to both investors and borrowers.”

About Thoma Bravo

Thoma Bravo is one of the largest software-focused investors in the world, with approximately $181 billion in assets under management as of June 30, 2025. Through its private equity, growth equity and credit strategies, the firm invests in growth-oriented, innovative companies operating in the software and technology sectors. Leveraging Thoma Bravo’s deep sector knowledge and strategic and operational expertise, the firm collaborates with its portfolio companies to implement operating best practices and drive growth initiatives. Over the past 20+ years, the firm has acquired or invested in approximately 555 companies representing approximately $285 billion in enterprise value (including control and non-control investments). The firm has offices in Chicago, Dallas, London, Miami, New York, and San Francisco. For more information, visit Thoma Bravo’s website at www.thomabravo.com.

Read the release on the PR Newswire website here.

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AEA Private Debt Closes $550 Million Credit Continuation Vehicle, Led by Carlyle AlpInvest

Carlyle

New York, NY – October 20, 2025 – AEA Private Debt, AEA Investors’ (“AEA”) private credit platform, and Carlyle AlpInvest, a leading global private equity investor, today announced the successful closing of an approximately $550 million credit continuation vehicle. The transaction was led by Carlyle AlpInvest, who is also providing additional capital to support new loans originated by AEA Private Debt.

The continuation vehicle was established to acquire a diversified, income-generating portfolio of first-lien senior secured loans from AEA Private Debt’s 2016 vintage direct lending fund – AEA Middle Market Debt Fund III – primarily consisting of loans to sponsor-backed U.S. middle market companies. Further enhancing long-term alignment between AEA Private Debt and its LPs, the vehicle provided existing investors with an attractive liquidity option or the opportunity to reinvest in a high-quality pool of private credit assets that will continue to be managed by a proven, deeply experienced team. Building on the existing relationship between Carlyle AlpInvest and AEA, the transaction also underscores Carlyle AlpInvest’s leadership in credit secondaries and validates AEA Private Debt’s differentiated origination and underwriting capabilities.

“This transaction underscores our commitment to delivering strong outcomes and innovative liquidity solutions for our investors,” said Alexandra Jung, Partner and Head of AEA Private Debt. “Our partnership with AlpInvest is a testament to our cycle-tested approach and reflects the strategic growth of AEA’s private debt business. With this continuation fund, we are further bolstering our ability to support leading middle market companies and sponsors while expanding the reach of the AEA Private Debt platform for the long term.”

“This transaction reflects the strength of AEA Private Debt’s portfolio and their partnerships with many of the best private equity sponsors. With significant overlap between AEA Private Debt’s relationships and Carlyle AlpInvest’s long history of investing alongside leading sponsors, this transaction highlights the strong alignment between our organizations,” said Mike Hacker, Partner and Global Head of Portfolio Finance, Carlyle AlpInvest. “We are proud to establish this partnership with AEA and support the continued growth of their private debt platform.”

“Carlyle AlpInvest has a long history of delivering innovative and LP-friendly solutions to GPs across private equity and private credit. The growth of our Secondaries & Portfolio Finance platform continues to strengthen our ability to build impactful and differentiated partnerships with credit managers like AEA Private Debt,” said Stefan Singer, Managing Director on Carlyle AlpInvest’s Portfolio Finance Team.

PJT Partners LP served as financial adviser on the transaction. Simpson Thacher & Bartlett LLP acted as legal counsel for AEA Private Debt. Ropes & Gray LLP acted as legal counsel for Carlyle AlpInvest. Wells Fargo provided certain financing for the transaction.

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About AEA Investors
AEA Investors (“AEA”) was founded in 1968 by the Rockefeller, Mellon, and Harriman family interests and S.G. Warburg & Co. as a private investment vehicle for a select group of industrial family offices with substantial assets. AEA has an extraordinary global network built over many years which includes leading industrial families, business executives, and leaders, many of whom invest with AEA as active individual investors, join its portfolio company boards, or act in other advisory roles. Today, AEA’s over 120 investment professionals operate globally with offices in New York, Stamford, Jacksonville, San Francisco, London, Munich, and Shanghai. The firm manages funds that have approximately $18 billion of invested and committed capital including the leveraged buyouts of middle market and small business companies, growth equity, and private debt investments.

AEA Private Debt makes senior debt, unitranche, junior debt, and equity co-investments in leading middle market companies across a broad range of industries and end markets. AEA Private Debt’s team of experienced professionals partners with private equity firms, family offices, and entrepreneur-backed companies to provide financing solutions in support of leveraged buyouts, recapitalizations, add-on acquisitions, refinancings, and other similar capital needs. Since inception in 2005, AEA Private Debt has invested over $8.5 billion across more than 425 transactions.

For more information, visit www.aeainvestors.com.

About Carlyle AlpInvest
Carlyle AlpInvest is a leading global private equity investor with $97 billion of assets under management and more than 600 investors as of June 30, 2025. It has invested with over 380 private equity managers and committed over $100 billion across primary commitments to private equity funds, secondary transactions, portfolio financings, and co-investments. AlpInvest employs more than 230 people in New York, Amsterdam, Hong Kong, London, and Singapore. For more information, please visit www.carlylealpinvest.com.

Media Contacts

AEA Investors:
Kaitlin Bilby
+1 212-845-4307
Media@aeainvestors.com

 

Carlyle:
Kristen Ashton
+1 212-813-4763
Kristen.ashton@carlyle.com

 

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CVC raises €10.4 billion for its European direct lending strategy

CVC Capital Partners

CVC Credit, the global credit management business of CVC, is pleased to announce the final close of its fourth European Direct Lending fund (“EUDL IV”)

CVC has raised €10.4 billion1 to deploy across the European Direct Lending opportunity, representing a significant increase over CVC’s prior European Direct Lending funds, which raised €6.3 billion1 in 2022 and €1.3 billion1 in 2020.

The growth of CVC’s European Direct lending platform has been underpinned by CVC’s deep local relationships across its network of sixteen European offices, and CVC’s focus on Europe for over forty years.

Rob Lucas, CEO at CVC said: “This is an excellent outcome for our latest European Direct Lending fund reflecting strong investment performance and deep and longstanding relationships with the highest quality institutional investors.

Quotes

This is an excellent outcome for our latest European Direct Lending fund reflecting strong investment performance and deep and longstanding relationships with the highest quality institutional investors

Rob LucasCEO, CVC

“CVC’s Credit platform benefits greatly from our international network of 30 local offices and its deep investment expertise. We are the number one CLO manager and a top three Private Credit manager in Europe. Our Liquid and Private Credit strategies have grown consistently over recent years and together now account for nearly a quarter of CVC’s total assets under management. We continue to see a significant number of opportunities for further growth in our Credit platform and forms a key part of our broader ambitions in Insurance and Private Wealth.”

Andrew Davies, Managing Partner, Head of CVC Credit, said: “We are extremely grateful for the continued trust and support of CVC’s global investor base. The European private credit market has developed significantly in recent years, driven by structural tailwinds and the increasing relevance of private credit within the wider credit ecosystem. We have capitalised on this market shift to scale our platform and deepen our resources, establishing CVC Credit as one of the top three private credit players in Europe.

“Looking ahead, our focus remains on delivering compelling financing solutions for Europe’s leading financial sponsors. By leveraging the insights from CVC’s leading Private Equity platform and the strength of the wider CVC Network, we are ideally positioned to act as a reliable long-term partner and to continue to take advantage of the significant European credit opportunity.”

EUDL IV has already made strong progress, committing to more than 30 investments. Recent transactions completed by EUDL IV include: KKR’s buyout of Immedica Pharma; the acquisition and growth strategy of smartTrade; Cinven’s acquisition of idealista; acting as sole lender for the acquisition of Innovative Beauty Group; and, supporting the delisting of Alpha FMC from the AIM market of the London Stock Exchange by Bridgepoint.

CVC Credit manages total assets of more than €48 billion (€43 billion of fee paying AUM) across its Liquid Credit and Private Credit businesses. The Private Credit platform comprises its European Direct Lending and Capital Solutions strategies with assets of more than €18 billion.

1. Taken together with parallel investment funds and accounts

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Apollo Expands Wealth Platform with Three Evergreen ELTIFs, Unlocking Broader Access to Private Markets

Apollo logo

Apollo European Private Credit ELTIF, Apollo Global Diversified Credit ELTIF and Apollo Global Private Markets ELTIF Receive Regulatory Authorization

Launch Provides Investors in EMEA as well as Asia and LatAm with Greater Access to Institutional-Quality Private Markets Strategies Under the ELTIF 2.0 Regime

LONDON, Sept. 24, 2025 (GLOBE NEWSWIRE) — Apollo (NYSE: APO) today announced that it has received regulatory authorization to launch three new evergreen, semi-liquid European Long-Term Investment Funds (“ELTIFs” or the “Funds”):

  • Apollo European Private Credit ELTIF (“AEPC ELTIF”), an evergreen, semi-liquid fund that will seek to provide investors with attractive income from newly originated, primarily first-lien, senior secured direct lending to large-cap and upper middle-market European companies
  • Apollo Global Diversified Credit ELTIF (“AGDC ELTIF”), an evergreen, semi-liquid fund that will seek to provide investors with attractive income through a global, multi-asset credit strategy. The fund is designed to invest dynamically across private credit sectors, including direct lending and asset-backed finance
  • Apollo Global Private Markets ELTIF (“AGPM ELTIF”), an evergreen, semi-liquid fund that will seek to provide investors with long-term capital appreciation by investing in private companies globally via secondaries and co-investments sourced across the Apollo platform

Apollo expects to bring the ELTIFs to market in the coming months via the Apollo Private Markets Umbrella SICAV, having received authorization from Luxembourg’s Commission de Surveillance du Secteur Financier (“CSSF”). With these launches, Apollo’s Global Wealth business will have eight evergreen Luxembourg products available on its platform, where it continues to build a full suite of solutions and turnkey access points to institutional-quality private markets strategies that are available to investors in Europe, Asia and Latin America, subject to applicable local law and investor eligibility requirements.

The three new products will launch under the ELTIF 2.0 fund regime, providing individual investors with greater access to Apollo’s private markets expertise via tailored, evergreen formats and broader distribution channels.

Veronique Fournier, Head of EMEA Global Wealth, said: “With these three new ELTIFs, we continue to bring the best of Apollo’s investing expertise to wealth investors in Europe and around the world, in product formats tailored to their needs. Apollo has been an early mover under the ELTIF regime, launching the closed-end ACT Equity ELTIF in 2023, and we’re thrilled to now have authorization for three new evergreen formats under the 2.0 regime.”

Fournier continued, “In our Global Wealth business we continue to expand our holistic suite of solutions to meet growing demand from investors seeking to build diversified portfolios with meaningful private markets exposure.”

Apollo’s Global Wealth business reported $9 billion of inflows in the first half of 2025, across 18 separate strategies. The business continues to invest in its product and distribution, growing global team and educational resources to bring turnkey access to diversified private markets.

To learn more about Apollo’s Global Wealth business, please visit Apollo.com/Wealth.

About Apollo
Apollo is a high-growth, global alternative asset manager. In our asset management business, we seek to provide our clients excess return at every point along the risk-reward spectrum from investment grade credit to private equity. For more than three decades, our investing expertise across our fully integrated platform has served the financial return needs of our clients and provided businesses with innovative capital solutions for growth. Through Athene, our retirement services business, we specialize in helping clients achieve financial security by providing a suite of retirement savings products and acting as a solutions provider to institutions. Our patient, creative, and knowledgeable approach to investing aligns our clients, businesses we invest in, our employees, and the communities we impact, to expand opportunity and achieve positive outcomes. As of June 30, 2025, Apollo had approximately $840 billion of assets under management. To learn more, please visit www.apollo.com.

Contacts
Noah Gunn
Global Head of Investor Relations
Apollo Global Management, Inc.
(212) 822-0540
IR@apollo.com

Joanna Rose
Global Head of Corporate Communications
Apollo Global Management, Inc.
(212) 822-0491
Communications@apollo.com / EuropeanMedia@apollo.com

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KKR agrees to acquire NewDay’s consumer credit portfolio from Cinven and CVC

CVC Capital Partners

Cinven and CVC have agreed to sell NewDay’s portfolio of consumer credit receivables to private credit funds and accounts managed by KKR, a leading global investment firm.

The transaction effectively separates NewDay’s credit balance sheet from NewDay’s origination and servicing business (“NewDay Operating Group”). KKR will enter into a multi-year forward flow agreement with the NewDay Operating Group in respect of its future origination. The underlying portfolios of consumer credit receivables originated by NewDay (the “Portfolios”) will continue to be operated and serviced as they are today by the NewDay Operating Group. Cinven and CVC will remain invested in the NewDay Operating Group, with KKR also investing in it as part of the transaction.

This highly innovative transaction brings together NewDay’s proven origination and servicing capabilities with KKR’s proven expertise in asset-based finance. The combination is expected to enhance NewDay’s ability to scale, broaden its reach, and continue delivering market-leading innovative credit and technology solutions to UK consumer and merchant partners.

The Portfolios will continue to be funded via NewDay’s existing securitisation structures. The NewDay Operating Group will continue to service its customers as it does today and remains committed to delivering exceptional customer outcomes across the Portfolios.

NewDay is a highly profitable and cash-generative business and has demonstrated consistently strong growth. In its half year results for the six months to 30 June 2025 NewDay reported a 30% increase in underlying profit before tax, at £107 million, and a 21% increase in gross receivables, at £5.2 billion. In February 2025, NewDay acquired economic ownership of the Argos Financial Services store card portfolio, with £834 million of gross receivables and 2.2 million customers, which will be included in this transaction. NewDay’s existing retail customers and merchant and technology partners will not see any changes as a result of the transaction.

Completion is anticipated to occur at the end of September 2025 subject to customary closing conditions.

John Hourican, CEO of NewDay, commented: “We are pleased to welcome KKR as a new shareholder and strategic partner. This transaction is a strong endorsement of NewDay’s platform, people, and performance, and reflects KKR’s confidence in our ability to deliver sustainable growth.

We also want to thank our shareholders Cinven and CVC, who have been exceptional partners since their investment in the business in 2017. Together we have built NewDay into a leading provider of consumer finance across multiple brands in the UK, serving c. 5.9 million customers.”

Quotes

NewDay has become the UK’s leading provider of digital embedded finance and credit card solutions, forged key partnerships with top British retailers and developed cutting-edge, next-generation proprietary technology.

Peter RutlandManaging Partner at CVC

Peter Rutland, Managing Partner at CVC, said: “We are pleased to have partnered with NewDay, supporting the company’s impressive growth journey. During this time, NewDay has become the UK’s leading provider of digital embedded finance and credit card solutions, forged key partnerships with top British retailers and developed cutting-edge, next-generation proprietary technology.”

Rebecca Hunter, Senior Principal at Cinven, said: “Together with the management team, we identified an important yet underserved area of the market where NewDay had leading underwriting expertise. Throughout our ownership, NewDay has continued to pioneer innovation in credit, whilst also demonstrating a resilient track record. We are proud to have played a role in NewDay’s success and are confident in the continued growth trajectory of the business.”

Varun Khanna, Partner and Co-Head of Asset-Based Finance at KKR, added: “We are pleased to enter into this strategic partnership with NewDay to support their continued growth and innovation in the UK consumer credit market. We also look forward to collaborating with Cinven and CVC, whose backing has helped establish NewDay as a leading provider of consumer finance. Through our Asset-Based Finance strategy, KKR is well-positioned to support NewDay’s expanding multi-brand platform as they deliver responsible credit solutions to millions of UK consumers.”

KKR’s investment comes from KKR-managed credit funds and accounts via the firm’s Asset-Based Finance strategy.

Barclays Bank PLC served as financial advisor and Clifford Chance LLP served as legal advisor to NewDay. Morgan Stanley & Co. International plc served as lead financial advisor and structuring agent, Societe Generale, London Branch served as lead structuring advisor and provided financial advice, KKR Capital Markets LLC served as arranger, and Latham & Watkins LLP served as legal advisor to KKR.

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