Here’s a bold statement: the credit secondaries market is booming, and one of the biggest players in private markets is making a major move. CVC, a global leader in private markets management, has just announced its expansion into the fast-growing credit secondaries sector with the launch of a dedicated global platform. But here’s where it gets even more interesting—this isn’t just another investment strategy; it’s a strategic pivot backed by decades of expertise and a $1.7 trillion industry on the rise.
Led by Partner Henri Lusa, a seasoned professional with over 17 years in private credit and credit secondaries, the new platform will operate from London. Henri will spearhead a global team of experts, including seasoned professionals transitioning from CVC’s €48 billion credit business. Their mission? To build a diversified portfolio of credit investments across geographies, fund vintages, and transaction types, leveraging both LP-led and GP-led opportunities.
This expansion isn’t just an add-on—it’s a natural evolution for CVC’s already robust secondaries platform, which manages €17 billion in assets across private equity secondaries. By blending over 20 years of secondaries experience with deep credit underwriting expertise, CVC is positioning itself to capitalize on the structural tailwinds propelling this dynamic market. And the numbers speak for themselves: credit secondary volumes have more than tripled between 2020 and 2024 as investors seek flexible liquidity solutions.
But here’s where it gets controversial: As private credit matures into a core asset class, some argue that the market is becoming overcrowded. CVC, however, sees this as an opportunity. With a proven track record of over 200 transactions, 1,800+ fund interests, and 70+ bespoke continuation vehicles, they’re betting on their global network and expertise to stand out.
Rob Lucas, CEO at CVC, framed this move as “an exciting new chapter” for their fast-growing Secondaries business. He emphasized, “We’re harnessing the power of the CVC Network to unlock new opportunities in this high-growth market.” Meanwhile, Carlo Pirzio-Biroli, Managing Partner and Head of CVC Secondary Partners, highlighted the parallels between today’s credit secondaries market and the early days of PE secondaries. “Active portfolio management, liquidity needs, and market uncertainty are driving growth,” he noted. “We expect these trends to continue as managers expand their investor base and deliver liquidity options.”
And this is the part most people miss: CVC’s scale, performance across market cycles, and deep relationships with intermediaries, fund managers, and sellers give them a unique edge. They’re not just entering the credit secondaries market—they’re positioning themselves as a liquidity and portfolio solutions provider across both private equity and credit secondaries.
The CVC Credit Secondaries strategy aims to generate attractive returns through a diversified approach, targeting investments in Europe and the U.S. By combining deep underwriting capabilities with global reach, the platform promises risk-adjusted returns, income generation, and enhanced downside protection for investors. The inaugural Credit Secondaries vehicle is set to launch in 2026.
Here’s a thought-provoking question for you: As the credit secondaries market continues to grow, will it follow the same trajectory as PE secondaries, or will it carve out a unique path? And where do you see the biggest opportunities—or risks—in this evolving space? Let’s discuss in the comments!
