Arini Capital Management is approaching a final close of around $4bn for its first European direct lending fund, according to Private Equity Wire, citing a report by Bloomberg. The fundraising would position the vehicle among the largest debut private credit funds launched in Europe, according to Private Equity Wire.
Fundraising status and timeline
The Bloomberg report cited by Private Equity Wire says Arini began raising capital for the strategy in March 2025 following a sourcing partnership with Lazard. The partnership provides Arini with access to Lazard’s European advisory and origination relationships across the middle market, according to the report cited by Private Equity Wire.
More than $3bn has been secured, according to an unnamed person familiar with the fundraising quoted in the Bloomberg report. The fund is expected to reach its approximately $4bn target before the end of 2026, the person said, asking not to be identified because the fundraising is private.
Arini declined to comment, according to the report cited by Private Equity Wire.
Anchor LP and co-investment expectations
British Columbia Investment Management Corporation (BCI) provided an initial $200m anchor commitment, according to the Bloomberg report cited by Private Equity Wire. BCI said in June 2025 that it expected to allocate at least a further $400m to co-investment opportunities alongside the fund, according to the same report.
Strategy focus and portfolio notes
The strategy provides direct financing to European middle-market businesses across the capital structure, according to the unnamed person cited in the Bloomberg report. Senior secured lending represents a particular focus, according to the person.
The portfolio currently has no exposure to software, according to the person. The person said software has faced heightened investor scrutiny as advances in artificial intelligence raise questions over the durability of some software business models.
Investor materials indicate the fund has delivered a net internal rate of return of approximately 13% since inception, according to the report cited by Private Equity Wire. The same investor materials indicate that performance is broadly in line with the fund’s targeted 12% to 14% range.
Manager background
Arini was founded in 2021 by former Credit Suisse trader Hamza Lemssouguer, according to Private Equity Wire. The firm has grown to more than $20bn in assets across public and private credit strategies, according to Private Equity Wire.
Private credit is widely known as a segment of private markets focused on non-bank lending, often through vehicles such as direct lending funds.
