Arcmont Asset Management closed its Direct Lending Fund IV and associated vehicles at €10 billion ($10.9 billion), the top end of its target range.
The fund represents one of the largest direct lending strategies ever raised in Europe, said the European private debt manager, an affiliate of Nuveen, in a news release. Its target range was €8 billion to €10 billion.
The direct lending strategy invests in first-lien senior and unitranche loans, as well as second-lien and subordinated loans. The fund has committed about 55% of its capital.