CVC has launched a dedicated global credit secondaries platform, marking a significant expansion of its CVC Secondary Partners strategy as the firm moves deeper into the rapidly growing credit secondaries market. The initiative represents an important new chapter for the global private markets manager, as it strengthens its position across private equity and private credit liquidity solutions.
The platform will be led by Partner Henri Lusa, who brings over 17 years of experience in private credit and credit secondaries. Based in London, Lusa will oversee a global team focused on building a diversified portfolio of credit investments. Several senior professionals from CVC’s €48 billion credit business will transition to the new platform, reinforcing its expertise and capacity.
This expansion builds on more than two decades of CVC’s experience across secondaries and private credit. CVC Secondary Partners currently manages €17 billion in assets across private equity secondaries strategies and has completed over 200 transactions involving more than 1,800 fund interests and over 70 continuation vehicles. The firm plans to utilize this foundation, along with its global network, to provide investors with broader access to high-quality private market opportunities.
Credit secondaries have surged in demand, with volumes more than tripling between 2020 and 2024 as both LPs and GPs seek more flexible liquidity options. CVC believes it is well-positioned to capture these structural market tailwinds as private credit continues to evolve into a core asset class.
The new strategy will target attractive returns through a diversified portfolio of credit investments across Europe and the United States, encompassing various vintages and both LP- and GP-led transactions. By combining the firm’s underwriting capabilities with its global footprint, the platform aims to deliver income generation, enhanced downside protection, and strong risk-adjusted returns. The inaugural Credit Secondaries vehicle is scheduled to launch in 2026.
KEY QUOTES:
“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.”
Rob Lucas, CEO, CVC
“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.”
Carlo Pirzio-Biroli, Managing Partner and Head of CVC Secondary Partners
