CVC Credit Partners has launched its new £300 million (around $460 million) CVC Credit Partners European Opportunities Fund, which is expected to begin trading on 25 June.

Goldman Sachs International is acting as sponsor, global co-ordinator and bookrunner in relation to the placing, and Dexion Capital is acting as lead placing agent in relation to the placing. Dexion Capital said they were “pleased with the level of investor interest” in the fund from the UK and Europe.

“Investors were attracted by the unconstrained nature of the investment mandate, the floating rate structure, the market opportunity in Europe and the quality of the portfolio management team. Importantly, the company offered an innovative structure with an investor friendly approach to liquidity and discount management,” said Robin Bowie, founder of Dexion Capital.

The placing raised gross proceeds of €351.2 million (around $463.7 million) through the issue of €174,729,500 shares (at a price of €1 per share) and £150,849,080 shares (at a price of £1 per share). CVC affiliates subscribed for €14,150,000 shares and £5,000,000 shares (together around 5.7 per cent of the gross proceeds).

CVC will target an annualised net total return over the medium term of 8-12 per cent, including an annualised dividend yield of 5 per cent, with an investment policy to invest predominantly in companies domiciled, or with material operations, in Western Europe across various industries. The investments will be focused on senior secured obligations but will also be made across the capital structure, the firm said.