MV Credit closes fund IV on more than €800m – exclusive

The fundraising is the first to be concluded since the UK-based manager was acquired by Natixis Investment Managers in June this year.

MV Credit, the European fund manager, has closed its MV Credit Sub IV fund on target at €803 million. The fund is the first the firm has closed since its acquisition by France’s Natixis Investment Managers earlier this year.

The fundraising is the first for the firm – previously known as MezzVest – since it closed Mezzvest III on €585 million in December 2013. MezzVest I closed on €280 million in 2002 and MezzVest II on €571 million in 2005.

The firm itself declined to comment on the fundraising but PDI understands that around 65 percent of the capital raised has already been invested in 16 deals. The firm’s investor base is mainly in Europe (just under 50 percent) and Asia (around 37 percent) and includes pension funds, insurance companies, sovereign wealth funds, family offices and banks.

The new fund will continue with the same strategy deployed by its successors, focusing on subordinated debt across Europe with a bias to the Nordics and German-speaking markets and a preference for defensive industries able to withstand cycles, such as IT and healthcare.

In June this year, MV Credit was acquired by Natixis Investment Managers, the Paris- and Boston-based subsidiary of asset management firm Natixis, which is in turn a subsidiary of BPCE, France’s second-largest banking group.

MV Credit insisted there would be “no changes” to its “operations, branding, staffing or investment strategies” as a result of the deal. The management team remained in place, including the firm’s founders Frederic Nadal, Lemy Gresh and Douglas Evans.

Formed in 2000, MV Credit (then MezzVest) was one of Europe’s first private credit firms and has invested over €5 billion in around 500 debt financing deals.