Claret Capital closes fourth growth debt fund at €575m
The London manager beat its own €500m target. What founders can borrow, and at what stage, has not been disclosed.
Claret Capital Partners has held the final close of its fourth European growth capital fund at €575 million.
The London-based growth debt manager had set out to raise €500 million.
The total is made up of €440 million in commitments to Claret European Growth Capital Fund IV, plus a further €135 million alongside it, according to the firm's announcement.
Claret says the money will go to European technology, life sciences and impact companies.
Growth debt sits between a venture round and a bank loan. Founders borrow against revenue or assets rather than selling equity, which means the cap table stays where it is and the lender expects to be repaid on a schedule.
That trade appeals to companies with money coming in the door and no appetite for another priced round. It appeals rather less to companies with neither.
The firm has not published the size of cheque it writes, the stage of company it lends to, or the terms attached. Founders weighing debt against dilution will need those numbers before the comparison means anything.
What is on the record is the scale. A single London manager now has €575 million earmarked for European companies that do not fit the equity venture model, and it raised 15 per cent more than it asked for.