Eurazeo raises $4.5B as European private credit capital pools at the top

French plus manager Eurazeo has closed its biggest nonstop lending money yet astatine €3.9 cardinal (about $4.5 billion), beating its people by astir a third—making it 1 of a fistful of European recognition managers raising superior successful a pugnacious market.

Eurazeo Private Debt VII, which focuses connected lending to little mid-market companies crossed Europe, attracted full commitments of €5.5 billion, including separately managed accounts and backstage wealthiness capital. International investors relationship for much than 60% of commitments, with North American and Asian LPs among the astir active, the steadfast said.

The adjacent comes astatine a hard infinitesimal for planetary backstage indebtedness fundraising. PitchBook’s 2025 Annual Global Private Debt Report shows that 55 nonstop lending funds reached a last adjacent successful 2025, raising a combined $101.7 billion—a year-on-year diminution successful some money number and superior raised, adjacent arsenic nonstop lending retained its ascendant stock of backstage indebtedness fundraising.

More broadly, backstage indebtedness saw its 3rd consecutive twelvemonth of declining money count, adjacent arsenic full superior raised held broadly dependable astatine astir $221 billion. Furthermore, 93% of each backstage indebtedness superior raised successful 2025 went to experienced managers—those connected their 4th money oregon later—a grounds share.

The aforesaid study besides showed that European backstage indebtedness funds raised $79.4 cardinal successful 2025—but portion retired the 2 largest closes, by Ares Management and CVC Capital Partners, and the region’s stock of planetary fundraising falls backmost successful enactment with humanities norms, according to PitchBook data.

For Eurazeo, EPD VII represents a important measurement up, being astir 1.7x the size of its 2023 predecessor, successful enactment with the mean step-up of 1.5x recorded crossed European mid-market money closes successful Q1 2026, according to PitchBook’s Q1 2026 European PE Breakdown.

The money is already 65% deployed crossed much than 70 companies; however, the broader backstage recognition deployment situation is much complicated.

PitchBook LCD information shows that spreads connected European nonstop lending deals person hardly moved, averaging 509 ground points successful the 12 months to April 2026—slightly beneath the full-year 2025 speechmaking of 522 bps—even arsenic US spreads person widened by 50-100bps. Tighter pricing reflects aggravated competition, with larger nonstop lenders pushed down the size ladder arsenic a resurgent, broadly syndicated indebtedness marketplace takes backmost large-cap deals.