Arini Capital Management is approaching a final close of around $4bn for its first European direct lending fund, positioning the vehicle among the largest debut private credit funds launched in the region, according to a report by Bloomberg.
The report cites an unnamed person familiar with the fundraising as highlighting that the credit manager began raising capital for the strategy in March 2025 following a sourcing partnership with Lazard, providing Arini with access to the investment bank’s European advisory and origination relationships across the middle market.
British Columbia Investment Management Corporation (BCI) provided an initial $200m anchor commitment and said in June 2025 that it expected to allocate at least a further $400m to co-investment opportunities alongside the fund.
More than $3bn has now been secured, with the fund 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.
The strategy provides direct financing to European middle-market businesses across the capital structure, with senior secured lending representing a particular focus. The portfolio currently has no exposure to software, a sector that has faced heightened investor scrutiny as advances in artificial intelligence raise questions over the durability of some software business models, according to the person.
Investor materials indicate that the fund has delivered a net internal rate of return of approximately 13% since inception, broadly in line with its targeted 12% to 14% range.
Arini was founded in 2021 by former Credit Suisse trader Hamza Lemssouguer and has grown to more than $20bn in assets across public and private credit strategies.
