Asset manager Fidelity International has introduced its first Direct Lending Fund in Europe for institutional investors.
The fund’s initiation was marked by a senior financing agreement with the Clinias Dental Group based in the Netherlands.
Clinias provides a range of dental care services in the Netherlands. Direct lending as an asset class has seen growth, with Europe’s direct lending assets reaching $248 billion by December 2022.
The Luxembourg-based Fidelity European Direct Lending Fund will target senior secured loans in the mid-market, focusing on European companies with an EBITDA between €5 million to €30 million, predominantly in Northern and Western Europe.
The fund will align with the Sustainable Finance Disclosure Regulation Article 8 and incorporate Fidelity’s Sustainable Investing framework.
Michael Curtis, head of private credit strategies, will lead the fund, with Marc Preiser as the portfolio manager.
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