Eurazeo has closed a €480 million bespoke private debt continuation vehicle backed by Pantheon, adding fresh capital to a portfolio of performing European senior credit assets and extending lending capacity for European middle market borrowers.
The transaction centers on a continuation fund structure that acquires a diversified pool of senior private credit assets originating from Eurazeo’s legacy private debt platforms. The structure also includes fund-level leverage, allowing the vehicle to optimize capital efficiency while maintaining exposure to established, performing loans.
Eurazeo will continue to manage the assets, preserving continuity in portfolio monitoring and servicing while aligning stakeholder interests. Pantheon’s support provides incremental capital that Eurazeo can deploy into new lending opportunities, positioning the platform to continue supporting European companies as market demand for non-bank financing remains elevated.
For existing limited partners, the continuation vehicle is designed to provide liquidity options without forcing disruptive asset sales or compromising the stability of the underlying portfolio. Eurazeo framed the closing as part of a broader approach to proactively manage fund maturity cycles and pursue long-term outcomes for investors, while keeping the portfolio under an experienced manager with an established origination engine.
For Pantheon, the deal reinforces its focus on credit secondaries and bespoke solutions that serve both new and existing investors. The firm highlighted Eurazeo’s experience managing the assets and sourcing transactions as central to its conviction, and positioned the structure as an example of scalable, tailored secondary capital in private credit.
KEY QUOTES
“We are pleased to deliver a tailored and highly attractive solution for our LPs while partnering for the long term with Pantheon, a leading global player in credit secondaries. This transaction demonstrates the depth of our private debt platform and our commitment to proactively managing the lifecycle of our funds in the best interests of our investors.”
Nicolas Nedelec, Partner, Eurazeo Private Debt
“We are delighted to continue expanding our existing relationship with Eurazeo by supporting this continuation fund. Eurazeo’s proven expertise in managing these assets and originating high-quality transactions was a key driver of our conviction. The transaction illustrates our ability to design scalable and bespoke secondary solutions in private credit, benefiting both new and existing investors.”
Toni Vainio, Partner and Head of European Private Credit, Pantheon
