Veld Capital has completed a €355m asset-backed credit continuation vehicle with funds managed by Blue Owl Alternative Credit acting as lead investor following a competitive secondary auction process.
The vehicle has been established to acquire a diversified portfolio of cash-flowing European asset-backed finance assets, while providing liquidity options for existing Veld investors and supporting the firm’s continued expansion across the European asset-backed credit market.
The transaction also includes additional committed capital beyond the existing portfolio, allowing Veld to pursue a pipeline of new opportunities across its asset-based lending activities.
Since its launch in 2009, Veld has deployed approximately €3bn into performing asset-backed credit investments across Europe. Its strategy spans a range of financing solutions for financial institutions, private companies and asset owners, including consumer and SME debt portfolios, risk transfer transactions and asset-backed lending structures.
GROWING DEMAND
The deal highlights continued investor appetite for both private credit secondary transactions and asset-backed credit strategies, sectors that have seen growing demand as investors seek exposure to secured income-producing assets.
Justin Sulger (main picture), founder and managing partner at Veld Capital, says: “We are pleased to launch this new investment vehicle which further underlines what has been a core focus for us since inception in 2009, consolidating our position at the leading edge of private asset-backed finance in Europe.”
Josh Ufberg, senior managing director at Blue Owl, adds: “We are excited to support the continued success of Veld Capital in the European asset-backed finance market, and to build on Blue Owl’s long track record in credit secondaries.”
The transaction was advised by Campbell Lutyens and Simpson Thacher on behalf of Veld, while AO Shearman acted as legal adviser to Blue Owl.
