Eurazeo has closed its seventh-vintage direct lending fund at €3.9bn, surpassing the initial €3bn target and marking a new high-water mark for the platform. The vehicle has already deployed 65% of its capital, investing approximately €2.5bn across more than 70 European companies. This represents a significant step-up from the previous fund, which closed at €2.3bn in 2023.

International investors dominate the fund's commitments, accounting for over 60% of capital raised. North American and Asian allocators have notably increased their European private credit allocations, seeking diversification away from compressed US direct lending markets. This geographic shift signals broader institutional appetite for European lower mid-market opportunities amid tighter US spreads.

Private debt now constitutes roughly 29% of Eurazeo's total assets under management, with the strategy becoming a central pillar alongside private equity, real estate, and infrastructure. The firm's total AUM stands at €39bn, supporting more than 700 mid-market companies across its diversified platform.

Managing partners Eric Gallerne and François Lacoste attribute the oversubscribed raise to investor confidence in their disciplined investment approach and consistent deployment across market cycles. The fund strengthens Eurazeo's integrated offering that combines equity and debt solutions for European mid-market borrowers, positioning the firm as a major player in the growing private credit market.