Here’s a bold statement: the credit secondaries market is booming, and one of the biggest players in private markets is making a major move. CVC Secondary Partners is diving headfirst into this fast-growing sector, launching a dedicated global credit secondary platform that’s poised to shake things up. But here’s where it gets interesting—this isn’t just another expansion; it’s a strategic leap backed by decades of expertise and a $1.7 trillion industry on the rise. And this is the part most people miss: while private credit has been gaining traction, the secondary market for it is still relatively untapped, making this a potentially game-changing opportunity for investors.
Led by Henri Lusa, a seasoned veteran with over 17 years in private credit and credit secondaries, the new platform will operate out of London. Henri’s team won’t be starting from scratch—they’ll be joined by experienced professionals from CVC’s already robust €48 billion credit business, who will transition fully to this initiative. Together, they’ll focus on building a diversified portfolio of credit investments across geographies, fund vintages, and transaction types, leveraging both LP-led and GP-led deals.
This move isn’t just an extension of CVC’s existing €17 billion secondaries platform; it’s a natural evolution. With over 20 years of experience in secondaries and credit, CVC is doubling down on its commitment to provide investors with diversified access to high-quality private market opportunities. But here’s the controversial part: as credit secondary volumes have more than tripled between 2020 and 2024, some critics argue the market is overheating. Is this a bubble waiting to burst, or the next big frontier? CVC clearly believes the latter, and they’re putting their money where their mouth is.
The new strategy will lean heavily on CVC Secondary Partners’ global network and proven track record—over 200 transactions, 1,800+ fund interests, and 70+ bespoke continuation vehicles. This isn’t just about scale; it’s about precision. By combining deep underwriting capabilities with global reach, the platform aims to deliver attractive risk-adjusted returns, steady income generation, and enhanced downside protection for investors. The first Credit Secondaries vehicle is set to launch in 2026, giving the market plenty of time to speculate on its impact.
Rob Lucas, CEO at CVC, framed this as “an exciting new chapter” for their fast-growing Secondaries business. He emphasized how CVC’s strong heritage in secondaries, coupled with its credit underwriting expertise, positions them to unlock new opportunities in this high-growth market. Meanwhile, Carlo Pirzio-Biroli, Managing Partner and Head of CVC Secondary Partners, highlighted the maturing role of private credit within private markets. He pointed out that active portfolio management, liquidity needs, and periods of uncertainty are driving growth—trends that mirror the early days of PE secondary markets. But here’s a thought-provoking question: If private credit is becoming a core asset class, does that mean its secondary market will soon rival that of private equity in size and complexity?
CVC’s diversified approach to credit secondaries is designed to capitalize on these dynamics. By targeting both Europe and the U.S., and by blending LP-led and GP-led transactions, they’re positioning themselves as a one-stop shop for liquidity and portfolio solutions. And this is where it gets even more intriguing: as acceptance of LP-led and GP-led markets grows, experienced secondaries managers like CVC are uniquely positioned to benefit. But with more players likely to enter the space, how long will this advantage last? Will CVC’s scale, performance, and relationships be enough to maintain their edge?
As the inaugural Credit Secondaries vehicle gears up for its 2026 launch, one thing is clear: this isn’t just another product offering—it’s a bold bet on the future of private credit. What do you think? Is CVC onto something, or are they overestimating the potential of this market? Let’s hear your thoughts in the comments—this is one discussion you won’t want to miss.
