Claret Capital Partners exceeds target with €575M growth debt fund for European innovators

Claret Capital Partners has closed its fourth European Growth Capital Fund at €575 million, exceeding its €500 million target. Including affiliated discretionary mandates, the fund will make growth debt investments in technology, life sciences and impact-focused companies across Europe.

The fund has already deployed 32 per cent of its capital, backing more than 27 companies including B2B buy-now-pay-later platform Billie, clinical-stage pharmaceutical company Cinclus Pharma, commercial real estate software provider PRODA, biotech company Inventiva and sales intelligence platform Surfe.

Claret provides flexible, lower-dilution financing to companies pursuing international expansion, acquisitions and product development. The final close attracted commitments from institutional investors including pension funds, insurers, family offices and public institutions, alongside private wealth investors through an ELTIF structure. The fund will also draw on discretionary co-investment partnerships to support larger transactions.

David Bateman, Managing Partner at Claret Capital Partners, said the fund’s final close exceeded the firm’s expectations and reflected continued support from its limited partners and co-investors. He added:

With a growing pipeline of high-quality opportunities, the team is actively deploying capital and continuing to look for great entrepreneurs building the next generation of European champions.

The close follows Claret’s previous €297 million fund, which reached a final close in 2022. Its portfolio has since recorded exits including Cytora’s acquisition by Applied Systems, Endomag’s acquisition by Hologic, Logpoint’s acquisition by Summa Equity, Lyst’s acquisition by ZOZO, and Tiqets’ acquisition by Expedia, as well as Abivax’s Nasdaq IPO.

Johan Kampe, Managing Partner at Claret Capital Partners, said demand for flexible, non-dilutive capital is likely to grow as equity markets remain selective and founders seek ways to scale while limiting dilution:

It continues to be a true privilege to support the founders and entrepreneurs who are driving real innovation across Europe at a monumental time for both business and society. 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 - and Fund IV positions us to meet that demand at scale.

Claret says it has deployed more than €1.5 billion across over 210 companies through successive fund vintages, including recycled capital. Following the close, the firm plans to expand its pan-European presence, with team members now based in Paris and a planned presence in Berlin.