Key Takeaways
- Geography: United Kingdom.
Analysis
CVC is broadening its secondaries remit with the creation of a standalone global platform dedicated to credit secondaries. The move signals a strategic pivot by one of Europe’s largest private markets managers to capture a segment that has grown rapidly as managers and investors seek flexible liquidity.
The business will be led from London by Henri Lusa, a partner with more than 17 years of experience in private credit and secondary transactions. Mr Lusa will assemble a specialist team drawn from CVC’s credit franchise — a business the firm notes has grown to roughly €48bn — and will oversee the new credit-only initiative as it sources LP- and GP-led opportunities across Europe and the US.
The expansion builds on CVC Secondary Partners’ existing capabilities. The secondaries arm already manages about €17 billion across private equity secondaries strategies and brings a record of over 200+ transactions, covering more than 1,800 fund interests and in excess of 70+ bespoke continuation vehicles. The new platform will lean on these relationships and execution experience to underwrite credit assets at scale.
Market dynamics underpin the timing. The global private credit market has swelled in recent years — now estimated at about $1.7 trillion — while credit secondary volumes have accelerated, more than tripling between 2020 and 2024 as both GPs and LPs seek alternative liquidity and balance-sheet management tools. For Europe in particular, growing appetite for private credit exposure among institutional allocators has created a pipeline of transferable positions and structured continuation opportunities.
According to senior management, the strategy will target a diversified mix of credit-related positions across geographies, vintages and transaction structures. The objective is to combine income generation with downside protection through active portfolio management and selective underwriting. The firm expects the inaugural vehicle to be launched in 2026, subject to market conditions and investor interest.
While competition in secondaries has intensified, CVC’s proposition emphasises scale, cross-product distribution and a track record of transacting through cycles. The launch is likely to accelerate conversations among European institutional investors about how to access mature credit pools while managing liquidity and portfolio concentration risks.
In short, CVC’s new credit secondaries platform aims to marry the underwriting rigour of its large credit business with the dealflow and structuring expertise of its seasoned secondaries team — a combination the firm believes can capture attractive, risk-adjusted returns as the credit secondaries market matures.