CVC Secondary Partners expands into fast growing credit secondaries market

CVC, a leading global private markets manager, is today pleased to announce the expansion of its CVC Secondary Partners strategy into the rapidly growing credit secondaries market and the launch of a dedicated global credit secondary platform. 

The new platform will be led by Partner, Henri Lusa, who brings more than 17 years of private credit and credit secondaries experience. Based in London, Henri will lead a global, credit-focused secondaries team, focused on building a diversified portfolio of credit investments. The team will include experienced professionals from CVC’s fast growing €48bn credit business, who will fully transition to the new platform. 

The initiative marks an exciting extension of CVC’s leading secondaries platform, which manages €17 billion in assets across private equity secondaries strategies and provides tailored liquidity solutions for third-party GPs and LPs.

Building on over 20 years of secondaries and credit experience, this expansion reflects CVC’s continued commitment to offering investors diversified access to high-quality private market opportunities. CVC is well positioned to capture the structural tailwinds shaping this dynamic and expanding market which has seen credit secondary volumes more than triple between 2020 and 2024 as both LPs and GPs seek more flexible liquidity solutions.

The new strategy will leverage CVC Secondary Partners’ established global network of relationships and its track record across 200+ transactions, involving over 1,800 fund interests and more than 70+ bespoke continuation vehicles.

Rob Lucas, CEO at CVC said: “The launch of our new credit secondaries strategy marks an exciting new chapter for our fast-growing Secondaries business. Building on our strong heritage in the secondaries space with deep credit underwriting expertise, we will harness the power of the CVC Network to unlock new opportunities in this high-growth market.”

Carlo Pirzio-Biroli, Managing Partner and Head of CVC Secondary Partners, said: “As private credit evolves into a core and maturing asset class within private markets, we see significant opportunity to apply our deep credit and secondaries expertise to this fast-growing segment. 

“Active portfolio management and liquidity needs, coupled with periods of uncertainty are driving growth. These trends mirror what we saw in the early days of PE secondary markets and we expect them to continue as managers seek to expand their investor base and deliver liquidity options to their existing investors. 

“As acceptance in the LP-led and GP-led markets continue to expand across both private equity and private credit, experienced and scaled secondaries managers are well-positioned to capitalise. CVC’s scale, strong performance across market cycles and longstanding relationships with intermediaries, fund managers and sellers, uniquely positions us to provide liquidity and portfolio solutions across both private equity and now also credit secondaries.”

A Diversified Approach to credit secondaries

The CVC Credit Secondaries strategy will seek to generate attractive returns through a diversified portfolio of credit related investments across geographies (Europe and US), fund vintages and transaction types (LP/GP-led) leveraging the $1.7 trillion growing private credit industry. By combining CVC’s deep underwriting capabilities with its global reach, the platform aims to deliver attractive risk-adjusted returns, income generation, and enhanced downside protection for investors. The launch of the inaugural Credit Secondaries vehicle is planned for 2026.