CVC Credit Partners

CVC Credit Partners is a dedicated division within the CVC Capital Partners group, founded in 2006 as the group's credit management platform. It operates with its own investment committees, portfolio management teams, and distinct limited partner bases across its various fund vehicles, including CLOs and the listed CVC Income & Growth Limited. It shares the CVC brand, infrastructure, and benefits from the parent firm's sponsor relationships, but its credit decisions are made independently from CVC's private equity funds.

CVC Credit invests across performing and opportunistic credit, including senior secured direct loans to European mid-market companies, subordinated and mezzanine debt, and US broadly syndicated leveraged loans via CLOs. Unlike CVC's buyout funds, which take controlling equity stakes, CVC Credit provides debt financing to companies, often sponsor-backed, earning contractual interest and fees rather than equity returns. The firm also manages a global special situations strategy targeting distressed and event-driven credit opportunities.

European direct lending is originated primarily through the private equity sponsor networks that CVC Capital's broader platform cultivates, alongside independent sourcing by a team based in London and Paris. The strategy focuses on senior secured loans to mid-market companies in the UK and continental Europe, typically in buyout financings, refinancings, and growth-capital transactions. CVC Credit competes with other large direct lenders but benefits from being an incumbent financing partner to sponsors already within CVC's orbit.

CLOs are a core US vehicle, managed under the Apidos brand that CVC Credit acquired in 2010. The firm prices new CLOs regularly and manages a portfolio of existing CLO structures that invest in broadly syndicated leveraged loans. As of early 2024, the firm priced Apidos XXXVIII at $500 million, reflecting its continued commitment to the structured credit market. These CLOs represent a significant portion of the US assets under management.

Yes, CVC Income & Growth Limited is a London-listed closed-ended investment company managed by CVC Credit Partners. It provides investors, including retail and smaller institutional participants, exposure to CVC's European credit strategies, primarily through investments in subordinated debt, senior secured loans, and other credit instruments. The vehicle pays regular dividends and trades with liquidity on the London Stock Exchange, distinguishing CVC Credit's distribution model from purely private fund structures.

The firm operates from London, New York, and Luxembourg, with additional origination presence in Paris. European direct lending and special situations are managed primarily from London, while the US CLO platform and broadly syndicated loan activities are centered in New York. The Luxembourg office handles fund administration and regulatory structuring for European vehicles. The dual-continent presence allows simultaneous deployment in two of the world's largest leveraged-finance markets.

Investment decisions are made by dedicated credit committees within CVC Credit Partners, chaired by senior partners Matt Miale, Paul Johnson, and Hamish Buckland, who oversee distinct strategy verticals. The European direct lending, US CLO, and global special situations teams each operate under their own committee structures. These committees are independent from CVC Capital's private equity investment committee, ensuring credit underwriting is not influenced by equity-control priorities.