Claret closes €575M growth debt fund, tops €500M target
What's the deal? Claret Capital PartnersDealroom has a profile for this one. Try Dealroom →, a London-based independent growth debt fund manager, has held the final close of its Claret European Growth Capital Fund IV at €575 million, beating its original €500 million target. The total comprises €440 million in Fund IV commitments and €135 million in an affiliated discretionary mandate.
Who's backing it? Fund IV drew increased commitments from Claret's institutional investors, including pension plans, insurance companies, and family offices, plus private wealth investors via an ELTIF structure. The raise takes Claret's total capital raised since inception to €1.3 billion.
What's the endgame? Claret provides growth debt across technology, life sciences, and impact sectors, with loans typically ranging from €2 million to €100 million. The model offers founders non-dilutive capital to fund expansion, acquisitions, and R&D.
The firm has already deployed 32% of Fund IV across 27 companies, including B2B buy-now-pay-later platform Billie, biotech InventivaDealroom has a profile for this one. Try Dealroom →, and sales-intelligence startup SurfeDealroom has a profile for this one. Try Dealroom →. Since 2013, Claret has invested over €1.5 billion in more than 210 companies.
Why now? The close lands amid growth in the European venture and growth financing market. "As equity markets remain more selective and founders look for ways to grow without unnecessary dilution, we expect demand for flexible, non-dilutive capital to keep accelerating," said managing partner Johan Kampe.
The expansion: Following the close, Claret plans to widen its pan-European platform and build local presence across the continent's innovation hubs. New team members are now based in Paris, with hires in Berlin to follow.
The firm's earlier vintage supports the case. Fund III closed at €297 million in 2022 and has since logged exits including Cytora (to Applied SystemsDealroom has a profile for this one. Try Dealroom →), Tiqets (to ExpediaDealroom has a profile for this one. Try Dealroom →), and Lyst (to ZOZO), plus a NASDAQ IPO by Abivax.
The signal: Claret's oversubscribed close signals rising appetite for growth debt as an alternative to equity in a tighter European funding climate. With founders wary of dilution, non-dilutive lenders are positioning to fill the gap left by cautious venture investors.
Read more: EU-Startups, claret-capital.com
Image credit: davidgsteadman
