CVC Credit Partners raises €351m for listed fund

CVC’s debt arm, led by Marc Boughton, has successfully raised one of the biggest listed alternatives vehicles since the economic crisis. 

CVC Credit Partners, the debt management affiliate of private equity group CVC Capital Partners, raised more than €350 million for its first listed fund after a share placing earlier this week.

The fund, CVC Credit Partners European Opportunities Limited, raised gross proceeds of €351 million through the issue of almost 175 million Euro-denominated shares at an issue price of €1, and almost 151 million Sterling-denominated shares at £1.00 per share.

Goldman Sachs acted as sponsor, global co-ordinator and bookrunner for the listing, with Dexion Capital acting as lead placing agent.

The shares are expected to be admitted to the London Stock Exchange’s main market on Tuesday 25 June, the firm said in a statement. CVC Group subscribed for 14,150,000 Euro-denominated shares and 5 million sterling shares, equating to 5.7 percent of the gross proceeds from the placing.

Richard Boléat, chairman of the listed vehicle, said: “This is a strong endorsement of CVC Credit Partners’ track record in the sub-investment grade debt capital markets.  We believe the company’s investment strategy will allow us to construct a balanced and diversified portfolio of credit instruments delivering attractive risk-adjusted returns.”